Three Principles for Monetary Institutions: Review of Money and the Rule of Law

Source: American Institute for Economic Research
by Art Carden

“This will not surprise you: a book on monetary policy written by three George Mason University-trained economists explores the institutional details of the monetary constitution, concludes that they matter, and argues for strong rules binding the hands of the Creature from Jekyll Island. Money and the Rule of Law argues from within the ‘mainline’ tradition tracing back to Adam Smith and exemplified in the twentieth century by Friedrich Hayek, Milton Friedman, and James M. Buchanan. It questions a lot of things we usually take for granted in the discussion of monetary policy, and makes the case for generality, predictability, and robustness created by strict monetary rules.” (01/07/22)