The Distributed and Collective Nature of Knowledge

In the essay 'I, Pencil', Leonard Read highlights that even the simplest objects, like a pencil, require the collaboration of many people. This shows that knowledge is a collective phenomenon and beyond the grasp of one person's mind. It emphasizes the importance of cooperation in human society, distinguishing us from other creatures. We coexist and plan with strangers, which is something unique and admirable. Complex systems, such as the economy, cannot be fully understood by any individual. So, it's amusing when macroeconomists attempt to forecast its direction.