Episode 9 – Milton Friedman Speaks – The Energy Crisis (Podcast)
Free To Choose Media Podcast
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The Right Conclusion for Energy Policy Under Such Uncertainty
We cannot get out of the problem by being able to predict things that are not predictable. What we need is an adjustment mechanism that will enable us to adapt to what happens as it develops. If we have a problem in the energy area, as we do, it is solely, in my opinion, because that system has not been allowed to work. It's doubtful any amount of research of the kind that huffman and nerung propose would have enabled william stanley jevons to foresee the discovery of north sea oil.
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