Sunday, May 27, 2012


From Nobel Prize Winner Milton Friedman, as quoted in "Time for Truth," by William Simon, in 1978:

 "We've always had a finite amount of energy...We had finite supplies of wood in the early pioneer days. How did we make the transition from using wood to using coal, from using coal to using oil, from using oil to using natural gas? HOW IN GOD'S NAME DID WE MAKE THAT TRANSITION WITHOUT A FEDERAL ENERGY AGENCY?"  [emphasis added]

...And a little timeless wisdom from the great man, in perhaps his most famous illustration:

1 comment:

Anonymous said...

I loved the way Milton Friedman could explain economics. It is a shame he didn't get more acclaim during his life and at his death. Ohio Dan