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Originally posted on January 17, 2011.
Leonard Read famously explained that no one knows how to build a pencil. Well no one knows how to build a toaster either as demonstrated in this entertaining TED video. Compare how much Thomas Thwaites spent buying a toaster, about 4 pounds ($6), with how much labor time he spent trying to build a toaster and reflect on the power of trade, the division of knowledge and the division of labor.
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