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Money and the Rule of Law: Generality and Predictability in Monetary Institutions

Penned By Peter J. Boettke
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Money and the Rule of Law: Generality and Predictability in Monetary Institutions

Penned By Peter J. Boettke
4.85 12,845 Ratings
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Editor's Note:
"The reigning paradigm in monetary theory and policy has settled on 'constrained discretion' as the preferred central bank operating framework. This supposedly combines the best features of rules and discretion in central banking. But this romantic view is wrong. Constrained discretion is just discretion. No matter how smart or well-intentioned, discretionary central banking is plagued with information and incentive problems. These problems make it systematically unlikely that central bankers can deliver macroeconomic stability. Furthermore, discretionary central banking implicitly violates many of the jurisprudential norms of liberal democracy. Especially since the 2007-8 financial crisis, discretionary central banking has demonstrated it is difficult to reconcile with self-governance. We develop several novel arguments for why rules are preferable to discretion in monetary policy. Drawing on a wide body of scholarship, and especially the work of Nobel laureates Buchanan, Friedman, and Hayek, we show why discretionary central banking fails. We need rules, not discretion."--

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Peter J. Boettke
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Peter J. Boettke

Peter J. Boettke is a writer and avid reader based in the Pacific Northwest. Before pursuing writing full-time, they spent over a decade working in education. When not working on their next book, Peter J. Boettke can usually be found hiking with their dog or trying out new coffee shops in their neighborhood.

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Edward Perez
Edward Perez January 21, 2025
"A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem."
Emily Lee
Emily Lee June 08, 2025
"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
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Brian Miller
Brian Miller March 14, 2024
"A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. I would highly recommend this to discerning readers."
Edward Allen
Edward Allen May 18, 2024
"Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author."
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"Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author."
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"A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
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"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
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"Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend."
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"A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
Michelle Campbell
Michelle Campbell March 08, 2024
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"A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend."
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Amanda Diaz April 08, 2024
"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
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Matthew Wright July 09, 2025
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece."
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Margaret Wilson May 01, 2024
"Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. Quite impressive overall."
Steven White
Steven White February 17, 2025
"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
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John Smith May 11, 2025
"A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers."
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Donna Lee May 12, 2024
"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Sharon Robinson
Sharon Robinson January 08, 2024
"Excellent, though slightly flawed. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend."
James Scott
James Scott October 25, 2024
"Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars."
Brian Wilson
Brian Wilson May 28, 2024
"A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall."
Eric Hernandez
Eric Hernandez November 02, 2025
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
Carol Gonzalez
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"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Michael Garcia
Michael Garcia March 26, 2025
"An acceptable diversion. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. A fair 3 stars."
Ryan Rivera
Ryan Rivera February 21, 2024
"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
Susan Cruz
Susan Cruz May 14, 2024
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
William Reyes
William Reyes June 27, 2024
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
Donna Lee
Donna Lee August 16, 2024
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Karen Lee
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"It was adequate. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. A fair 3 stars."
Susan Cruz
Susan Cruz December 29, 2024
"A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel."
Joshua Adams
Joshua Adams September 11, 2025
"I find myself somewhat conflicted. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Perhaps more aligned with a different audience's tastes."
James Rodriguez
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"Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
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"Excellent, though slightly flawed. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend."
Brian Wilson
Brian Wilson December 10, 2025
"Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
Nicholas Moore
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"Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Kimberly Jones
Kimberly Jones January 06, 2025
"A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
Laura  Parker
Laura Parker April 11, 2025
"A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. Quite impressive overall."
Donald Garcia
Donald Garcia May 21, 2025
"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading."
Thomas Taylor
Thomas Taylor February 24, 2024
"It was adequate. Certain acts were fascinating, while others felt like a slight endeavor to complete. Suitable if your reading queue is empty."
Michelle Thompson
Michelle Thompson July 24, 2024
"Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Stephanie Hall
Stephanie Hall April 09, 2025
"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
Nicholas Moore
Nicholas Moore April 15, 2025
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
Emily Nguyen
Emily Nguyen October 29, 2025
"I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Kenneth Turner
Kenneth Turner December 07, 2024
"Excellent, though slightly flawed. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
Susan Martinez
Susan Martinez January 03, 2024
"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Gary Robinson
Gary Robinson September 05, 2024
"Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
Kimberly Rivera
Kimberly Rivera September 21, 2024
"A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
Ashley Lopez
Ashley Lopez July 27, 2025
"I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
Amanda Scott
Amanda Scott August 25, 2024
"Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Mark Ramirez
Mark Ramirez January 10, 2025
"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Michelle White
Michelle White May 23, 2024
"Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
Kenneth Scott
Kenneth Scott November 21, 2024
"I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall."
Richard Perez
Richard Perez October 01, 2025
"A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
Carol Roberts
Carol Roberts October 05, 2024
"I find myself somewhat conflicted. The prose was competent, yet the characters lacked the depth I usually seek. Unlikely to reread, but a reasonable expenditure of time."
George Nguyen
George Nguyen June 05, 2025
"A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
Joshua Wright
Joshua Wright December 20, 2025
"I find myself somewhat conflicted. Certain acts were fascinating, while others felt like a slight endeavor to complete. Perhaps more aligned with a different audience's tastes."
Thomas Perez
Thomas Perez November 18, 2025
"Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
Edward Robinson
Edward Robinson February 28, 2024
"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Michael Harris
Michael Harris May 06, 2024
"Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Eric Perez
Eric Perez May 26, 2024
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Jennifer Walker
Jennifer Walker May 20, 2024
"A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall."
Richard Martin
Richard Martin July 15, 2024
"Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
Michael Scott
Michael Scott December 09, 2024
"A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Eric Williams
Eric Williams October 20, 2025
"A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
Ryan Rivera
Ryan Rivera June 16, 2024
"Excellent, though slightly flawed. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall."
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