Milton Friedman’s most famous example of how free markets operate began with a pencil, but today’s iPhone is just a more sophisticated version of a product whose DNA is made possible by free markets. Take a look at the graphic below. No government’s industrial policy would have resulted in producing today’s iPhone. It is a great reminder of why the lessons of Milton Friedman still matter.
A WSJ article highlights problems with reporting trade statistics. The entire WSJ article is copied at end of post.
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