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Peter J. Boettke

Daniel J. Smith

Money and the Rule of Law

by Peter J. Boettke (Author)

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Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.

ISBN-10

1108790844
ISBN-13

978-1108790840
Publication date

June 3, 2021
Language

English
Dimensions

6 x 0.48 x 9 inches
Print length

212 pages
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Editorial Reviews

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'A profound and highly original assessment of monetary policy and its inseparable connection to the rule of law, a key principal of economic freedom. This is a great read, carefully researched with telling quotes from top policy makers. It dissects tough monetary problems into easy-to-understand pieces – objectives, instruments, targets, and models. It candidly describes political pressures on the Fed with hard evidence from past to present. It creatively uses the great ideas of Hayek, Friedman, and Buchanan to confront the weaker scholarship of today. Most ominously, it warns that Fed is once again expanding its reach and thereby threatening the rule of law.' John Taylor, Mary and Robert Raymond Professor of Economics at Stanford University

'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)

Book Description

A novel argument that shows how rules work better than discretion when implementing monetary policy.

Product details

Publisher ‏ : ‎ Cambridge University Press (June 3, 2021)
Language ‏ : ‎ English
Paperback ‏ : ‎ 212 pages
ISBN-10 ‏ : ‎ 1108790844
ISBN-13 ‏ : ‎ 978-1108790840
Item Weight ‏ : ‎ 10.9 ounces
Dimensions ‏ : ‎ 6 x 0.48 x 9 inches

Best Sellers Rank: #1,061,210 in Books (See Top 100 in Books)
- #482 in Free Enterprise & Capitalism
- #616 in Macroeconomics (Books)
- #669 in Money & Monetary Policy (Books)

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17 ratings

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Peter J. Boettke
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I'm a University Professor of Economics and Philosophy 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.
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Daniel J. Smith
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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
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Alexander William Salter
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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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Customer reviews

4.1 out of 5

17 global ratings

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4 star		9%
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Allie C.

An important and timely contribution!

Reviewed in the United States 🇺🇸 on July 13, 2021

Verified Purchase

In just over a decade, the Federal Reserve has been called upon to address the two most significant macroeconomic events since the Great Depression: the global financial crisis, and ensuing recession, and the COVID-19 pandemic. In both cases, monetary policymakers responded to these crises in unprecedented ways that threaten to undermine whatever remains of the central bank’s independence, and, at a more fundamental level, are inconsistent with the rule of law. Boettke, Salter, and Smith have written an important and timely book that highlights the problems with these developments and calls for a fundamental rethinking of our approach to monetary institutions.

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.

2 people found this helpful

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Thomas Savidge

Great read!

Reviewed in the United States 🇺🇸 on December 13, 2021

Verified Purchase

This book is a great contribution to monetary economics. The book clearly outlines what's wrong with monetary policy in the U.S., how these problems have plagued monetary policy throughout the Fed's history, and how to deal with those problems. I have some economics training but my background is primarily political science and public policy. Found the book easy to read. Lots of great content without getting lost in jargon.

Helpful

Amazon Customer

Persuasive case for monetary rule

Reviewed in the United States 🇺🇸 on January 2, 2022

Informative read that makes a persuasive case for a true monetary rule rather than central banker discretion. Money is the hub of economic transactions and as such it should be governed by a rule that enables predictability for consumers and producers alike. The authors do a nice job explaining why a monetary rule will lead to more certainty and thus more economic growth.

Helpful

JayDee

Excellent research correctly diagnosing the problems with our current monetary system

Reviewed in the United States 🇺🇸 on December 21, 2021

This excellent piece of economic research delves into the underlying defects of our current monetary system, which depends upon the good judgment of a few learned but forcibly limited individuals. It lays out the reasons why, by its very nature, the system isn't working and why it cannot achieve its goals. It explains why the unintended consequences can only do more harm than good. As a lay reader, I was left hungry for more details of a possible solution, but knowing now that smart people are addressing this matter gives me hope for the future. May these researchers be part of the solution when the next inevitable systemic breakdown comes.

Helpful

Amazon Customer

Easy to read discussion of Fed policy, problems, and solutions

Reviewed in the United States 🇺🇸 on August 3, 2021

Super interesting read! The authors do a great job of explaining how the Fed is supposed to work and why it doesn't.

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.

One person found this helpful

Helpful

Ethan Yang

A Much Needed Perspective

Reviewed in the United States 🇺🇸 on July 15, 2021

My background is in political science and law and I was still able to understand the concepts in this book which not only gives credence to the author's ability to communicate but their knowledge of the topic. In particular, the book provides a fresh perspective on monetary policy by incorporating political economy into its analysis which allows it to apply to reality and not a sterile understanding of how policy operates. At less than 200 pages the book is concise yet highly informative, sparing little room for fluff and grandstanding while still being engaging. Given the contemporary challenges of monetary policy, this book is a must-read!

2 people found this helpful

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Marius-Joseph Marchetti

Très bon livre !

Reviewed in France 🇫🇷 on October 4, 2021

Verified Purchase

Ce livre est à la fois agréable à lire, et assez dense en contenu ! Il revient sur les règles monétaires, les politiques de la Banque Centrales, le rôle du prêteur en dernier ressort, et les contributions importantes de Friedman, Hayek et Buchanan dans l'édification d'un cadre monétaire protégé de la discrétion des banquiers centraux.

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