Matt Prewitt: Let’s Use New Forms of Money to Commit to Our Communities
Milton Friedman famously made this point using the example of a pencil. Nobody, he observed, really knows how to make a pencil. To even begin, you’d have to cut down a tree for wood. For that, you’d need a saw made of decent steel. For that, you’d need to start with iron ore. And what about the paint on the pencil, the rubber eraser, the finely processed graphite, the glue, the metal piece that attaches the eraser to the wood? Et cetera. Summoning this humble miracle is not some individual polymathic craftsperson, but simply the price mechanism, through which people around the world cooperate despite never meeting (and, Friedman significantly observes, possibly even hating each other).