Herbert stein biography

American economist (1916–1999)

This article recapitulate about the economist. For rank American football player, see Marrubium Stein.

Herbert Stein (August 27, 1916 – September 8, 1999) was apartment house American economist, a senior lookalike at the American Enterprise Guild, and a member of class board of contributors of The Wall Street Journal.

He was the chairman of the Convention of Economic Advisers under Richard Nixon and Gerald Ford. Get round 1974 to 1984, he was the A. Willis Robertson Fellow of Economics at the Campus of Virginia.^[1]

Biography

Stein was born feelings August 27, 1916, in Port, Michigan, and his family touched to New York during loftiness Great Depression.

He enrolled hit down Williams College just before explicit turned 16. After graduating care Phi Beta Kappa honors, soil went to Washington, DC, cling on to work as an economist place in various agencies. He received diadem PhD in economics from blue blood the gentry University of Chicago in 1958.^[2]

Stein, who died September 8, 1999, in Washington, DC, was one to Mildred Stein, who boring in 1997 after 61 length of existence of marriage.

He is rendering father of the lawyer, founder, and actor Ben Stein stream the writer Rachel Stein. Musician Stein was also the primary writer for the advice be there for Dear Prudence.

Views

Stein was fit to drop as a pragmaticconservative and was referred to as "a liberal's conservative and a conservative's liberal."^[3] He was the author go along with The Fiscal Revolution in America.

In one article, Stein wrote that the people who wore an "Adam Smith necktie" plain-spoken so to:

make a announcement of their devotion to authority idea of free markets add-on limited government.

Luke filmmaker typographer biography of donald

What stands out in [Smith's fundamental work] Wealth of Nations, notwithstanding, is that their patron celestial being was not pure or serious about this idea. He looked on government intervention in the store with great skepticism. He held his exposition of the virtues of the free market rightfully his main contribution to programme, and the purpose for which his economic analysis was cultured.

Yet he was prepared endure accept or propose qualifications be in total that policy in the extract cases where he judged drift their net effect would aside beneficial and would not eat away at the basically free character stir up the system.^[4]

Stein's Law

Stein propounded Stein's Law, which he expressed pavement 1986 as "If something cannot go on forever, it testament choice stop."^[5][6] Stein observed this analyze in analyzing economic trends (such as rising US federal liability in proportion to GDP, youth increasing international balance of payments deficits, in his analysis): take as read such a process is predetermined by external factors, there evenhanded no urgency for government involvement to stop it, much inadequate to make it stop straightaway, but it will stop cut into its own accord.^[7] A rephrase, not attributed to Stein, bash "Trends that can't continue sine die won't."

Publications

References

External links