Econ 101

In "I, Pencil," Leonard E. Read beautifully illustrates the marvelous interconnectivity of the marketplace in this classic essay told from the viewpoint of a common pencil–an item nearly everyone uses, but no single person can make alone.  Students today are often given a skewed account of the Great Depression of 1929-1941 that condemns free-market capitalism as the cause of, and promotes government intervention as the solution to, the economic hardships of the era. In this essay based on a popular lecture, Foundation for Economic Education (FEE) President Lawrence W. Reed debunks this conventional view and traces the central role that poor government policy played in fostering this legendary catastrophe. Hazlitt’s focus on market-based solutions, economic liberty, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since its first publication.