The Principles of the Free Market

Adam smith taught at the university of glasgow. His brilliant book, the wealth of nations was based on lectures he gave here. The basic principles underlying the free market are really very simple. Look at this lead pencil. There's not a single person in the world who could make this pencil. It took iron ore and steel to make it as well as wood from which it is made. When you go down to the store and buy this pencil, you are trading a few minutes of your time for a few seconds of the time of all those thousands of people.