The Invisible Hand

Milton Friedman The most influential economist in the last 50 years. Called a Chicago economist He will tell you about the pencil

The Power of the Pencil - Friedman

What can be said about the economy from the complexity of a pencil?

How do you feed Champaign at lunch?

The answer is the Invisible Hand Invisible Hand guides our world Why is it invisible?

Self-interest “It is not from the benevolence of the butcher or the brewer that we expect our dinner, but from their regard for their own interest.” – Wealth of Nations

The invisible hand In summary, the invisible hand determines WHAT to produce? HOW to produce it? FOR WHOM to produce? “The economy will self-regulate” – my brother