@macraig: Are you serious or just trolling?
You don't have to agree with Friedman or anyone else for that matter, but if you are going to hold forth on economics you should at least be familiar with the thought that has gone before, and the evidence that supports their theories. Otherwise, you just come across as a raving crackpot. And what's with the references to "alleged data"? If you feel the data is wrong, say why, and offer better/alternative data.
I hope that I never get sick and wind up with a doctor who thinks the way you go! "Here, apply this leech to your arm. Don't worry about the alleged data from the blood pressure monitor, it's not even data. No sir, I've never been to medical school or read a textbook, that would be just having an interpretation handed to me by someone else, Reading medical journals isn't even data, it's just the interpretation of alleged data by someone other than me. When I diagnose patients, I prefer to reason medical science out by myself - from scratch. Flu - poppycock - I have reasoned that it's imbalance of flux in your system caused by the full moon - here chew this arsenic restorative"
I'm not going to launch into a discourse on price as an allocation mechanism, as other posters have already done a pretty good job. However, unless you want to look even more clueless, I would suggest reading up on some of the basic concepts (supply, demand, elasticities, the impact of price controls in a market, and the historical evidence success of non-market/price allocative mechanisms. Start with a search on Gosplan, then one on black markets, and try a good book such as "The Russians" by Hedrick Smith to see how well bureaucratic allocation works as an alternative to markets in practice. Once you have enough background to differentiate your arse from your elbow, feel free to re-enter the fray.
For the record, I have read Friedman (I have also read Keynes, Adam Smith (v. turgid book), Goodhart, Bentham, Marshall and Marx etc). If that's not eclectic enough for your taste, do please tell me which "cult" I am supposedly in thrall to.