Friday, July 26, 2013

Charles Krauthammer: Opinion Writer

Stein’s Law

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.

http://www.washingtonpost.com/opinions/charles-krauthammer-steins-law/2013/07/25/f45acb30-f567-11e2-aa2e-4088616498b4_story.html

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