Ones and Tooze
The Pencil as Economic Metaphor
Sep 1, 2023
The podcast discusses the significance of pencils in the free-market economy, examining Milton Friedman's use of pencils as a metaphor. It explores the international variation in pencil production and China's dominance in the industry. The concept of strategic pencil reserves and the history of erasers are also discussed. Additionally, the podcast explores the transition of the Mongolian economy from communism to market economics, highlighting the role of livestock herding and the bull market in copper. The hosts also consider doing a live show in Mongolia.
40:39
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Quick takeaways
- The pencil serves as a metaphor for the interdependence and specialization in a free-market economy, highlighting the importance of the price system and private property markets.
- Mongolia's significant copper deposits and reliance on China for its copper exports make its geopolitics and economic future highly dependent on its neighbors.
Deep dives
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