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List of contents
Preface; 1. Introduction; 2. Knowledge problems with discretionary monetary policy; 3. Incentive problems with discretionary central banking; 4. When firefighters are arsonists; 5. On the shoulders of giants: monetary policy insights of the classically liberl Nobel Laurates; 6. Money and the rule of law; 7. Conclusion: money and liberalism in the 21st century.
About the author
Peter J. Boettke is a University Professor of Economics and Philosophy at George Mason University, Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, and BB&T Professor for the Study of Capitalism at the Mercatus Center at George Mason University.Alexander William Salter is an associate professor of economics in the Rawls College of Business at Texas Tech University and the Comparative Economics Research Fellow at TTU's Free Market Institute.Daniel J. Smith is an associate professor of economics in the Jones College of Business at Middle Tennessee State University and the Director of the Political Economy Research Institute.
Summary
Working at the intersection of monetary economics and political economy, the authors of this volume develop novel arguments for why discretionary central banking is hard to reconcile with liberal democracy and doesn't actually solve or prevent financial crises. For that, we need rules, not discretion.
Additional text
'A well-researched, well-written, highly-readable gem. By weaving the technical, philosophical, institutional, historical, and empirical aspects of money tightly together with the thread of economic principles, they are able to present money in a new light - the light of the rule of law. With that, the authors masterfully show why virtually every idea in vogue today has been tried before and why each has failed time and time again.' Steve H. Hanke, Johns Hopkins UniversityJohns Hopkins University
