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Transcript of remarks on video by
Alan Greenspan
Chairman, Federal Reserve Board
Herbert Stein Memorial Luncheon,
sponsored by NABE in conjunction with the Federal Reserve
Bank of Dallas
Annual Meeting
National Association for Business Economics
Wed., Sept. 13, 2000
Drake Hotel, Chicago
NABE's first Herbert Stein Public Service Award was presented posthumously to Herbert Stein, a distinguished economist, writer, teacher and long-time NABE member. Ben Stein, the noted writer, scholar and comedian, accepted the award on behalf of his father. Also attending the presentation were Stein's daughter, Rachel Epstein, and members of her family. The award, which will be presented periodically to a policy advisor or policymaker in the U.S. or abroad with an outstanding record of public service, was created to recognize the unique contributions of Herbert Stein, who died in 1999. Fed Chairman Alan Greenspan, a past president of NABE, delivered this tribute on video to his friend, Herb Stein:
It is an honor for me to participate in NABE's designation of the first Herbert Stein award for public policy. The award is being given to the most qualified candidate, Herb Stein. We remember him as an economic visionary, who went about his work with a sense of grace and humility. Herb's wisdom and humor were seemingly without boundaries. He was truly gifted in his ability to articulate the most complex political and economic issues at a level that was understandable to all - not an admirable trait for a central banker, I grant you, but an excellent standard for others to follow.
By no means did Herb conform to the stereotype of a typical economist. Rather, he was more akin to a Renaissance man, full of fresh new ideas and new ways of concept-making. As Gil Heebner, a past president of the NABE, put it: "His thinking was uncommonly original, broad and penetrating." Above all, for me, he was one of the most interesting people I've ever met. He is truly missed.
Herb's life had a humble beginning. He was born in Detroit in 1916 and was the son of a Russian immigrant who had come to the United States at the age of nine.
Herb's career as an economist began at the FDIC in 1938 after receiving
his BA from Williams College in 1935. During World War II, he worked for the
War Production Board and served as an ensign in the U. S. Navy.
Although his name was relatively unknown at that time, his brilliance was
gaining notice. As a result, in 1944, Herb won the Pabst Postwar Employment
Award for his plan to maintain full employment.
After the war, he went to the Committee for Economic Development where he stayed for more than 20 years. In 1947, two years into the job, Herb became the chief drafter for a paper on federal fiscal policy enunciating ideas that were ahead of their time but are now considered an integral part of America's contemporary economic policy philosophy.
It was during this period that Herb obtained his Ph.D. in economics from the University of Chicago. From January 20, 1969 until December 31, 1971, he served as a member of the Council of Economic Advisers under President Nixon. I remember well being requested by the President-elect's staff to approach Dr. Stein to see if he would be willing to accept appointment as a CEA member. As was typical of Herb, he said that he would have preferred economic counselor in our embassy in London, but agreed to the incoming President's request. In January 1972, he was appointed chairman of the Council by President Nixon and served under President Ford until September 1974, when I succeeded him as CEA chairman.
I always marveled at the flow of witticisms that Herb had seemingly stored up, but I suspect most were ad-libbed. To my everlasting regret, I saw no need to preserve them since there seemed to be an endless supply of Steinisms in the public domain with a plethora still to come.
But the one that I will never forget was the ready response to a call of concern from President Nixon on hearing that a malady had impaired half of Herb's vision. Herb's response: "No problem. Half of what you read isn't worth reading in the first place."
For the next ten years, Herb served as the A. Willis Robertson professor of economics at the University of Virginia. It was also during this time that he joined the board of contributors for the Wall Street Journal and enriched our lives and enlightened our spirits with his op-ed pieces. Herb also used his knowledge, sense of humor and clarity in the countless pieces he wrote for other journals as well.
As one might expect, Dr. Stein was the recipient of honorary degrees, economic policy awards, and prestigious political positions too numerous to list. Herbert Stein was brilliant; of this there is no question.
In his most remembered statement, "If something can't go on forever, it will stop," he got it just right. Herb's life could not have gone on forever. But his memory can and will continue to far exceed the extent of his physical reach. Herbert Stein was not only a gifted economist, but also a man who understood the true value of integrity. He was, without question, the type of American we all aspire to be. Thank you.
