1. The Invisible Hand

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

3. The Power of the Pencil - Friedman

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

5. How do you feed Champaign at lunch?

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

7. 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

8. 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