Economics 101

For a fun, quick and easy summary of economics and a lesson regarding the power of free markets, I, Pencil is a must read. "Ghost written" by Leonard E. Read, the story recounts the origin of one "Mongol 482," an ordinary lead pencil made by Eberhard Faber Pencil Company. The story is told in Mongol 482's own words. Early in the story, Mongol 482 makes the fantastic claim that "no person on the face of this earth knows how to make me." At first, that sounds outrageous. Maybe if he were the Hubble telescope, but a regular number 2 pencil? However, at the end of sixteen short pages, every reader will be convinced of the truth of Mongol 482's statement, and convinced of the power and virtue of a free market.