Herbert Stein Quotes

If something cannot go on forever, it will stop.

Obviously, if theism is a belief in a God and atheism is a lack of a belief in a God, no third position or middle ground is possible. A person can either believe or not believe in a God. Therefore, our previous definition of atheism has made an impossibility out of the common usage of agnosticism to mean 'neither affirming nor denying a belief in God.' Actually, this is no great loss, because the dictionary definition of agnostic is still again different from Huxley’s definition. The literal meaning of agnostic is one who holds that some aspect of reality is unknowable. Therefore, an agnostic is not simply someone who suspends judgment on an issue, but rather one who suspends judgment because he feels that the subject is unknowable and therefore no judgment can be made. It is possible, therefore, for someone not to believe in a God (as Huxley did not) and yet still suspend judgment (ie, be an agnostic) about whether it is possible to obtain knowledge of a God. Such a person would be an atheistic agnostic. It is also possible to believe in the existence of a force behind the universe, but to hold (as did Herbert Spencer) that any knowledge of that force was unobtainable. Such a person would be a theistic agnostic.

So in both the West and the emerging world the state is in trouble. The mystery is why so many people assume that radical change is unlikely. The status quo in fact is the least likely option. As an American economist, Herbert Stein, once drily observed, “If something cannot go on for ever, it will stop.” Government will have to change shape dramatically over the coming decades. In the emerging world the era of growing by night is over. In the West the era of more is coming to an end. It is time for the Fourth Revolution.

Keynes’s ‘Open Letter’ to Roosevelt in 1933, sounded, writes Herbert Stein, ‘like the letter from a school teacher to the very rich father of a very dull pupil’. In Savannah, in March 1946, for the inaugural meeting of the International Monetary Fund, Keynes made a speech in which he hoped that ‘there is no malicious fairy, no Carabosse’ who had not been invited to the party. The reference was to Tchaikovsky’s ballet, Sleeping Beauty, but Frederic Vinson the US Secretary of the Treasury, took it personally. ‘I don’t mind being called malicious, but I do mind being called a fairy,’ he growled.

Jetzt fiel ihm auf, wie tief sie atmete, die Anspannung, die jeder ihrer Bewegungen innewohnte, der Schleier vor ihren Augen. "Wenn man strauchelt, kann man das Gleichgewicht zurückerlangen, indem man über den stein springt, der einen zum Stolpern gebracht hat.

Stein’s law,” named after the famous economist Herbert Stein from the 1970s: “If something cannot go on forever, it will stop.

The full employment advocates’ optimism, even if genuine, could not possibly have been more misplaced, as the context of the Carter administration’s other actions in the fall of 1978 quickly revealed. Almost simultaneous to the passing of the full employment bill, Carter announced a three-part anti-inflation strategy that included restrictive fiscal and monetary policy, voluntary wage-price guidelines, and regulatory reform—almost all of which cut against the spirit of the original Humphrey-Hawkins Full Employment Act. Congress, for the first time since it went Democratic in 1932, passed a tax cut not to redistribute wealth but to give relief to the upper middle class, suggesting a very new mood among Democrats more broadly. With inflation climbing into the double digits in 1979 (topping out at 13.5 percent in his last year in office), Carter had, according to Herbert Stein, “assumed the look of a conservative in economics.