I Pencil

MBA77: Microeconomics

Required Reading:

“I, Pencil” by Leonard E. Read

I’ve asked you to read this brief, and very light, article for a handful of reasons1.

First, most people find it to be relatively quick and painless, so it provides an easy and somewhat engaging

or memorable introduction to (or reminder of) a nice little set economic concepts and insights, highlighting

what I still experience as an unbelievable outcome – that prices, markets and trade – these three entities, all

of which are quite easy to understand and create (at least in a rudimentary form) – these three are sufficient

to coordinate the development of, well everything that we consume.

Second, it has become somewhat of a classic within a lot of programs, and sooner or later you will run into

someone or some article referencing it, and you will be part of that elite club of insiders who catch the

reference and demonstrated that have, in fact, been grated admittance into the ranks of the educated elite.

Finally, there will be an online quiz made available today, and it will remain available for you to access

until Monday Evening. I have tried to provide a huge window of opportunity to allow you to select a time

convenient for you to set aside 15 minutes, (open book on this is fine, feel free to refer back to the initial

article if you find that you cannot recall an important detail, (e.g. you forget that the article is a brief

discussion about markets and some other microeconomic topics, and it uses the production of a pencil as

an illustrative example thereby providing an easily accessible tangible object to allow a more easily

comprehended exposition of certain concepts that might be somewhat more challenging to discuss in the

absence of a physical object).

PLEASE NOTE: THE QUIZ IS INDIVIDUAL WORK. ANY ATTEMPT TO SOLICIT ASSISTANCE, OR

ACCEPTANCE OF ANY ASSISTANCE OF ANY KIND, OR ACCESSING ANY MATERIAL EXCEPT FOR

THE ACTUAL ORIGNINAL ATRICLE IS CHEATING. ANY...