Age, Biography and Wiki

Herbert Stein was born on 27 August, 1916 in Detroit, Michigan, U.S., is an American economist (1916–1999). Discover Herbert Stein's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is he in this year and how he spends money? Also learn how he earned most of networth at the age of 83 years old?

Popular As N/A
Occupation N/A
Age 83 years old
Zodiac Sign Virgo
Born 27 August 1916
Birthday 27 August
Birthplace Detroit, Michigan, U.S.
Date of death 8 September, 1999
Died Place Washington, D.C., U.S.
Nationality United States

We recommend you to check the complete list of Famous People born on 27 August. He is a member of famous economist with the age 83 years old group.

Herbert Stein Height, Weight & Measurements

At 83 years old, Herbert Stein height not available right now. We will update Herbert Stein's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible.

Physical Status
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Dating & Relationship status

He is currently single. He is not dating anyone. We don't have much information about He's past relationship and any previous engaged. According to our Database, He has no children.

Family
Parents Not Available
Wife Not Available
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Children 2, including Ben Stein

Herbert Stein Net Worth

His net worth has been growing significantly in 2023-2024. So, how much is Herbert Stein worth at the age of 83 years old? Herbert Stein’s income source is mostly from being a successful economist. He is from United States. We have estimated Herbert Stein's net worth, money, salary, income, and assets.

Net Worth in 2024 $1 Million - $5 Million
Salary in 2024 Under Review
Net Worth in 2023 Pending
Salary in 2023 Under Review
House Not Available
Cars Not Available
Source of Income economist

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Timeline

1916

Herbert Stein (August 27, 1916 – September 8, 1999) was an American economist, a senior fellow at the American Enterprise Institute, and a member of the board of contributors of The Wall Street Journal.

He was the chairman of the Council of Economic Advisers under Richard Nixon and Gerald Ford.

Stein was born on August 27, 1916, in Detroit, Michigan, and his family moved to New York during the Great Depression.

He enrolled in Williams College just before he turned 16.

After graduating with Phi Beta Kappa honors, he went to Washington, DC, to work as an economist in various agencies.

1958

He received his PhD in economics from the University of Chicago in 1958.

1974

From 1974 to 1984, he was the A. Willis Robertson Professor of Economics at the University of Virginia.

1986

Stein propounded Stein's Law, which he expressed in 1986 as "If something cannot go on forever, it will stop."

Stein observed this logic in analyzing economic trends (such as rising US federal debt in proportion to GDP, or increasing international balance of payments deficits, in his analysis): if such a process is limited by external factors, there is no urgency for government intervention to stop it, much less to make it stop immediately, but it will stop of its own accord.

A paraphrase, not attributed to Stein, is "Trends that can't continue won't."

1999

Stein, who died September 8, 1999, in Washington, DC, was married to Mildred Stein, who died in 1997 after 61 years of marriage.

He is the father of the lawyer, author, and actor Ben Stein and the writer Rachel Stein.

Herbert Stein was also the original writer for the advice column Dear Prudence.

Stein was known as a pragmatic conservative and was referred to as "a liberal's conservative and a conservative's liberal."

He was the author of The Fiscal Revolution in America.

In one article, Stein wrote that the people who wore an "Adam Smith necktie" did so to:

"make a statement of their devotion to the idea of free markets and limited government. What stands out in [Smith's seminal work] Wealth of Nations, however, is that their patron saint was not pure or doctrinaire about this idea. He viewed government intervention in the market with great skepticism. He regarded his exposition of the virtues of the free market as his main contribution to policy, and the purpose for which his economic analysis was developed. Yet he was prepared to accept or propose qualifications to that policy in the specific cases where he judged that their net effect would be beneficial and would not undermine the basically free character of the system."