A charming story which explains how something as apparently simple as a pencil is in fact the product of a very complex economic process based upon the division of labor, international trade, and comparative advantage.
I Pencil: My Family Tree as told to Leonard E. Reed (Irvington-on-Hudson, New York: Foundation for Economic Education, Inc., 1999).
Published online with the kind permission of the copyright holders, the Foundation for Economic Education.
Read’s essay is inspried in part by the pin factory Adam Smith describes in Book I, Chapter 1 of the Wealth of Nations.
What can we learn about our own world from Smith? Join the workers in an 18th century pin factory to find out more…
Competitive Enterprise Institute
A guided exploration of Smith’s classic text.