The economy is
extremely complex. As Leonard Read taught, no single individual in the world
knows how to make something as simple as a pencil. The level of complexity has
only increased over time with the expansion of knowledge, technology,
transportation, and international trade. Our individual labor is increasingly
focused on a narrower slice of the overall process of production.
Even the
static picture, if it could be seen, is complicated by the fact that our world
is a work in progress dating back thousands of years. Look around you and you
will see the savings, investments, and work of individuals who are long dead. Previous
generations made their choices, some of which have been maintained, repurposed,
neglected, or destroyed. Ownership of all that capital is recognized in the
form of stocks, bonds, titles, and deeds.....To Read More.....
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