I, Pencil: My Family Tree as Told to Leonard E. Read

Read’s argument centers on the notion of “the Invisible Hand,” but he never actually defines the term. What are the origins of this term, and how has its meaning been analyzed and debated by modern economists? Which interpretation does Read employ?

Read repeatedly refers to “freedom” and “free people.” What do these terms mean to him, and why are they so important? Are there other ways of understanding “freedom” that might call into question Read’s absolute faith in the societal benefits of laissez-faire capitalism?

Read devotes most of the essay to demonstrating how the process of manufacturing a commodity or providing a service requires an enormous amount of context-specific information held by geographically dispersed individuals, and how “the Invisible Hand” automatically coordinates this information without government intervention. From these facts, he concludes that government intervention is always unnecessary and undesirable. Is this logical leap justified? What sorts of evidence and argument would Read need to include to justify it?

Building on the previous question, can you think of any circumstances in which government intervention in market exchange is in fact necessary to ensure socially optimal outcomes? Is “the Invisible Hand” truly infallible? How might Read respond to your counterarguments?

An allegory is a story that can be interpreted as having an underlying political or moral message. In “I, Pencil,” Read advocates for “the Invisible Hand” of free market activity. What other literary devices does Read employ to build the essay’s allegory?

Read uses several rhetorical devices, or stylistic linguistic tools, to persuade readers. Pick one rhetorical device and trace its use throughout the essay. What does Read accomplish with this device, and how?

In the essay’s opening, Read quotes prolific English journalist and writer G. K. Chesterton: “We are perishing for want of wonder, not for want of wonders” (3). What does this quote mean, and how does it relate to “I, Pencil”?

How is “I, Pencil” an example of bias? Consider Read’s professional background, and cite examples from the text to support your answer.