Milton Friedman I Pencil
Milton Friedman was an American Nobel economist and his major concern was in the fields of economics and statistics. According to the The Economist, Friedman "was the most influential economist of the second half of the 20th century." He was also awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis and his demonstration of the complexity of stabilization policy.
According to the "Lesson of the Pencil" video on YouTube, Milton Friedman used the pencil to simply illustrate how the free market and price system influence cooperation and harmony among the people around the world. This story of pencil was inspired by the economist Leonard E. Read, "I, Pencil". Milton Friedman brought up this story as he …show more content…
At first, he tried to put questions to the audiences and made them doubted in their mind about the questions. Then, he gave an example of pencil to answer the questions, which this technique grabbed very much attention from the audiences. It's also grab mine too. When I first saw the first half of the video, I really interested in his speech as his fascinating speech techniques such as modulation of pace, tone, and volume. For example, pausing some sentences that he wanted the audiences to think about it. This made it more interesting. I think that he knows how to bring people to precisely understand what he is going to talk about and it is very important to make it clear by giving a creative example. He first grabbed attention by using the query of how to make a pencil. In order to make a pencil, one need woods and in order to get wood, one has to travel to another place to find it. After he finished his concept of how to make a pencil, he emphasized on how these people from all over the world cooperate with each other without the same language and religion. Then, he answered, "It was the magic of the price system. That machinery, that machinery..." He repeated the sentence in order to make it more enchanting and interesting. However, I think that Friedman did a remarkable speech on explaining the fundamental systems by using a basic
According to the "Lesson of the Pencil" video on YouTube, Milton Friedman used the pencil to simply illustrate how the free market and price system influence cooperation and harmony among the people around the world. This story of pencil was inspired by the economist Leonard E. Read, "I, Pencil". Milton Friedman brought up this story as he …show more content…
At first, he tried to put questions to the audiences and made them doubted in their mind about the questions. Then, he gave an example of pencil to answer the questions, which this technique grabbed very much attention from the audiences. It's also grab mine too. When I first saw the first half of the video, I really interested in his speech as his fascinating speech techniques such as modulation of pace, tone, and volume. For example, pausing some sentences that he wanted the audiences to think about it. This made it more interesting. I think that he knows how to bring people to precisely understand what he is going to talk about and it is very important to make it clear by giving a creative example. He first grabbed attention by using the query of how to make a pencil. In order to make a pencil, one need woods and in order to get wood, one has to travel to another place to find it. After he finished his concept of how to make a pencil, he emphasized on how these people from all over the world cooperate with each other without the same language and religion. Then, he answered, "It was the magic of the price system. That machinery, that machinery..." He repeated the sentence in order to make it more enchanting and interesting. However, I think that Friedman did a remarkable speech on explaining the fundamental systems by using a basic