Herbert Stein will be fondly remembered by many people, not least by those who read his numerous books, articles, and essays. His writing was characterized by wit, modesty, and a contrarian streak, but above all by lucidity and grace. The following is a sampler of plums from Stein:

Stein’s Law

: "If something cannot go on forever, it will stop."

On new policy ideas

: "What is meant by a new idea is one that is not now being implemented. But usually there are good reasons why these ideas are not being implemented. Either experience or analysis has rejected them. What is needed in policy is not the capacity to generate or revive ‘catchy’ ideas, preferably reducible to bumper stickers. What is needed is good judgment in selecting among the ideas that are out there and in executing the ones that are selected."

A response to those who viewed balancing the budget as a crusade

: "I have consulted a concordance of the Bible. Apparently the word ‘budget’ does not appear in either the Old or New Testament. The word ‘balance’ does appear about eight times, but never in connection with fiscal policy."

The definition of "consumerism"

: "A policy of imposing regulatory burdens on production which hold down the incomes of workers, thereby keeping them from buying things they want that aren’t good for them."

Two main lessons derived from more than fifty years in Washington as a civil servant, researcher, presidential adviser, observer, and commentator

: "(1) Economists do not know very much. (2) Other people, including the politicians who make economic policy, know even less about economics than economists do."

The conclusion suggested by the two foregoing lessons

: "We should be grateful that we have a private economic system that is considerably resistant to the errors of economists and politicians and a political tradition that limits the scope of such errors by limiting the power of politicians and their advisers."

On being called the master of the "Don’t Know" school of economics

: "I don’t know that I am the master of it, but I surely avow membership in it more than most other economists do."

On John Maynard Keynes

: "Conventional conservatives have regarded Keynes as a dark and evil influence bent on undermining the free economic system. In fact, however, he helped to save the free system at a time when much more radical changes in it were being seriously advocated."

On the motives of politicians

: "Politicians have political motives and objectives, high among which, of course, is their election and reelection. That statement does not mean, as the simple story would have it, that politicians are therefore unconcerned with the national interest. They do care about that. But politicians—at least successful ones—have a great capacity for believing that what is in their interest is also in the national interest. That belief gives them the courage and determination to seek and hold high office."

On politics and television

: "Politics is becoming a process of creating images to sell and then to live by as long as they sell. It is becoming a branch of show business. That did not start with Ronald Reagan and has nothing to do with his former profession. We all—peanut farmers, lawyers, investment bankers, divinity students, even economists—become actors when the little red light on the TV camera goes on."

On what readers want

: "I think that most people—even those who read the editorial and op-ed pages—do not want to encounter opposing views. They want a good expression and confirmation of the views they have, or the views they would have if they thought about the subject. I can see that tendency in myself."

In response to charges that he was waspish toward the press

: "I’m not waspish, I’m Jewish."