An Urban's Rural View
Urban C. Lehner Editor Emeritus
Mon Oct 6, 2014 05:57 AM CDT

Back in the early 1970s, the White House's chief economist, Herbert Stein, enunciated what has come to be known as Stein's Law: "If something cannot go on forever, it will stop."

At the time critics were urging the government to do something about America's trade deficits, which the critics said "cannot go on forever." Stein's response was, in essence: No action needed. If the deficits are a problem they'll take care of themselves.

Were the critics wrong in thinking deficits can't continue forever? Or was Stein wrong in thinking they'd self-medicate? Whichever, the U.S. since Stein's day has run trade ...

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