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Money and the Rule of Law: Generality and Predictability in Monetary Institutions
Purchase options and add-ons
- ISBN-101108479847
- ISBN-13978-1108479844
- PublisherCambridge University Press
- Publication dateJune 3, 2021
- LanguageEnglish
- Dimensions6 x 0.75 x 9 inches
- Print length256 pages
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Editorial Reviews
Review
'Like Hayek, Friedman, and Buchanan before them, Boettke, Salter, and Smith argue convincingly for fundamental changes in institutional design that, by enforcing rules over discretion in monetary policymaking, will help restore economic prosperity and the smooth functioning of our liberal democratic system. Anyone with a serious interest in using economics to improve the lives of all Americans should read this book.' Peter Ireland, Professor of Economics at Boston College
‘This book … couldn't have arrived at a better time … important for all readers hoping to preserve good governance, promote shared prosperity, and limit expropriation by those who would exploit democratic institutions.’ Lee Ohanian, University of California, Los Angeles
'This book is required reading for anyone concerned about monetary policymakers’ management of the COVID 19 economic crisis and, especially, their lack of attention to the long-term impacts of their historically dramatic monetary policy changes.' William F. Ford, President of the Federal Reserve Bank of Atlanta from 1980–83
‘The authors provide a very much needed road map for returning to a disciplined monetary system for the remainder of the 21st century.’ Jerry Jordan, President of the Federal Reserve Bank of Cleveland from 1992 to 2003
‘Many economists rightly advocate the rule of law, and allocation by markets rather than by expert central planners, as the key to economic development. Too few apply these principles to monetary institutions. Boettke, Smith, and Salter offer an insightful alternative. They diagnose the serious problems with the management of our money by central bankers who exercise discretion unconstrained by the rule of law. And they point the way toward much better arrangements. Highly recommended.’ Lawrence H. White, Professor of Economics at George Mason University
‘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
‘With inflation on the rise, political tensions on high, and congressional dysfunction in Washington, DC, what should we expect from our central bankers and monetary institutions? How can we get monetary policies that will benefit the economy? A new book tackles these questions with vivid historical examples and surprisingly uncommon 'commonsense' economics. Money and the Rule of Law by Peter Boettke, Alexander Salter and Daniel Smith discusses the difficulties of central banking, especially when decisions are made according to subjective discretion rather than stable, predictable rules.’ Thomas L. Hogan, Discourse (Business & Economics)
‘Money and the Rule of Law is a welcome contribution to the intellectual road and research agenda at the intersection of political economy, banking theory, and monetary institutions.’ Pablo Paniagua, Constitutional Political Economy
Book Description
About the Author
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.
Product details
- Publisher : Cambridge University Press (June 3, 2021)
- Language : English
- Hardcover : 256 pages
- ISBN-10 : 1108479847
- ISBN-13 : 978-1108479844
- Item Weight : 1 pounds
- Dimensions : 6 x 0.75 x 9 inches
- Best Sellers Rank: #5,788,193 in Books (See Top 100 in Books)
- #2,158 in Free Enterprise & Capitalism
- #3,351 in Macroeconomics (Books)
- #3,451 in Money & Monetary Policy (Books)
- Customer Reviews:
About the authors
I'm a Distinguished University Professor of Economics at George Mason University and Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, Mercatus Center at George Mason University.
Daniel J. Smith is the Director of the Political Economy Research Institute and Professor of Economics in the Jones College of Business at Middle Tennessee State University. He serves as the North American Co-editor of The Review of Austrian Economics and is the President-elect of the Society for the Development of Austrian Economics. His academic research and policy work uses Austrian and public choice economics to analyze private and public governance institutions. He is the co-author of Money and the Rule of Law: Generality and Predictability in Monetary Institutions (Cambridge University Press), written with Peter J. Boettke and Alexander W. Salter, and The Political Economy of Public Pensions (Cambridge University Press), written with Eileen Norcross. His research is published in academics journals, such as Public Choice, Economics of Governance, Constitutional Political Economy, and The Review of Austrian Economics, and in chapters in books published by Oxford University Press, Routledge, and Wiley-Blackwell. Smith has published numerous op-eds in national and regional outlets, including in the Wall Street Journal, The Hill, Investor's Business Daily, and CNBC.com. Daniel received his M.A. and Ph.D. in economics from George Mason University and a B.B.A. in economics and finance from Northwood University.
http://www.danieljosephsmith.com/home.html
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.
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The authors meticulously describe the knowledge and incentive problems that plague discretionary central banking. As the authors explain, these problems transform the central bank from an institution intended to promote a properly functioning monetary system into a source of macroeconomic instability. The solution, the authors argue, is not the continued refinement of theoretical and statistical tools, but to adopt a rules-based approach to monetary policy as advocated for by Nobel laureates F.A. Hayek, Milton Friedman, and James Buchanan. Rather than propose a specific rule, the authors provide a framework for thinking about alternative monetary arrangements that are consistent with one of the pillars of a free society – the rule of law.
Policy makers don't have the information they need to make complex decisions. Even if they did, they often face choices based on politics, not economics. The authors explain how limiting the Fed's responsibilities and following predictable rules would help avoid these problems.
The book is accessible and written in nontechnical language but full of facts and citations. It provides important balance and context that you don't get from an econ textbook. It would be a great read for anyone interested in economics or how Fed policy actually works in practice.