Herbert Stein became one of the most renowned macroeconomists during his lifetime. Stein received his doctorate from the University of Chicago in 1958. Known as a “pragmatic conservative”, Stein served as Chairman of The Council Of Economic Advisers which advised both Presidents Ford and Nixon. He is the father of Ben Stein, a well-known actor and author. He is also remembered for promulgating “Herbert Stein’s Law” which simply stated that “if something cannot go on forever, it will stop”….
With the surprising Swiss announcement last week that they would sever the connection to the Euro, there have been several theories offered as to the reason and the behind the scenes events leading up to the announcement. Upon reflecting about these topics, it seemed to us that the simple answer comes from Stein’s Law.
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