Finally, to wrap up this series, I'd like to show a video which essentially ties it all together. When you think about a pencil, it is as low-tech as one can get. And yet, no ONE person could make a pencil. The I Pencil movie shows how inexorably linked we are to one another all over the globe.
One of the ideas that got to me the the number of people required for any one of us to eat a ham sandwich. You need a farmer, financial people for the farmer to be able to buy his farm and equipment, people to build tractors, the farmer needs to plant, water, fertilize the wheat, keep it healthy and pest free. He must harvest it, thresh it, pack it and have it transported to the mill. There people will grind it into flour, pack it and ship it to bakeries where other people will use even more equipment and ingredients gathered from other places (salt, water, etc.) to bake the bread and then ship it to the supermarket, where someone is required to stock the shelves and someone else to sell it to you...and that's just and extremely simplified story about the bread...We haven't even got to the ham yet! What? You want cheese on that???
And all of this happens routinely every day without a moment's thought! My deepest thanks to Leonard Read for his profound insight over 50 years ago.
"No person knows enough to be able to control our lives." --Walter Williams
Or as F. A. Hayek put it, “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”