Cafe Hayek » Quotation of the Day…

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 ^[1]:

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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