Stein’s Law

Herbert Stein was chairman of the Council of Economic Advisers under Presidents Nixon and Ford.

He is generally credited with Stein’s Law: –

If something cannot go on forever, someday it will stop.

For many years we Americans have consumed more than we produce, borrowed more than we save, and imported more than we export.

This cannot go on forever. Someday it will stop.

It will stop because we Americans have rediscovered our genius for production, and shifted away from an economy based on finance and debt. Or it will stop in spite of us in a way we don’t like.

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