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Stein’s law

Posted: July 29, 2013 at 5:04 a.m.

If there’s an iron rule in economics, it is Stein’s Law (named after Herb, former chairman of the Council of Economic Advisers): “If something cannot go on forever, it will stop.” Detroit, for example, can no longer go on borrowing, spending, raising taxes and dangerously cutting such essential services as street lighting and police protection. So it stops. It goes bust.

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Editorial, Pages 10 on 07/29/2013

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