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The pencil story is entirely a made-up parable as well. The author is simply imagining how the pencil industry operates -- he didn't literally trace the steps i
by jhbadger 10y ago
The pencil story is entirely a made-up parable as well. The author is simply imagining how the pencil industry operates -- he didn't literally trace the steps in the process himself and was a grocery wholesaler in real life, not a pencil manufacturer. If you agree with his political assumptions that the free market is ideal it all sounds very convincing, but that's the problem with any political diatribe.
- BurningFrog 10y agoNow you made me find an article about how Leonard Read researched pencil manufacturing for the essay: https://fee.org/articles/leonard-read-the-spiritual-economist/ https://fee.org/articles/leonard-read-the-spiritual-economis... If such a high profile and somewhat controversial essay was wrong on the details, I think we'd have heard about those errors.