In 2003 economist and influential columnist Paul Krugman employed an instance: 7Academic economists often cite Stein’s Law, a principle enunciated by the late Herbert Stein, chairman of the Council of Economic Advisers during the Nixon administration. The law comes with various wordings; my favorite is: “Things that can’t go on forever, don’t.” Believe it or not, that’s a useful reminder.
In conclusion, Herbert Stein crafted and popularized this tautology in the economic domain, and it is sometimes called “Stein’s Law”. The meaning is ambiguous. Sometimes the statement warns that a trend must be halted, and sometimes it suggests that a trend is self-limiting and precipitous intervention is not necessary.
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- Can we just simply build more houses / units to slow down the house price madness !!!
Can we just simply build more houses / units to slow down the house price madness !!!, page-97
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