Class Lecture #5

1.) I, Pencil.... The main points were:
        - Impersonality = don't know any of the people involved in the making of your pencil
        - Self-interest
        - Cognitive issue = no one can make a pencil themselves. Even if they could, they couldn't do it for the price its sold for
        - No one mastermind
              (Rizzo)

2.) Central planning for the creation of almost any product will not work and is a terrible idea (see centralization of Venezuelan coffee (Rizzo))

3.) Price system..... guides the economy and is the basis for the exchange of money and product. It's the perfect signal of scarcity, today's term of exchange, and as it is governed by the "Invisible Hand" no one person sets the prices (Rizzo).

4.) Our Economic Evolution...... We're in a day and age where we can come to expect great improvements in our livelihoods which is "astonishing" (Rizzo) when you look at the world thousands of years ago. In fact, 15 years from now, we should expect to be twice as rich as we are now (Rizzo).