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Quotation of the Day…
Posted By Don Boudreaux On September 5, 2011 @ 8:04 am In Complexity & Emergence,Energy,Hubris and humility,Myths and Fallacies,Property Rights | Comments Disabled
… is from page 197 of Ron Chernow’s 1998 biography of John D. Rockefeller, Sr., Titan :
In 1875, Henry E. Wrigley, the head of the Pennsylvania Geological Survey, issued a doomsday warning that the state – and hence the world – production of oil had peaked and would soon experience a precipitous decline, aggravating fears that had overshadowed the oil industry since its inception.
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