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...

Among LawMacro scholars, there is a growing interest in the incorporation of distributional goals into economic institutions and policies, especially central banks. We argue that this approach threatens to undermine the rule of law in monetary policy. This is troubling because the rule of law is...

Attempting to find the technically optimal monetary policy is futile if the Federal Reserve's independence is undermined by political influences. F. A. Hayek, Milton Friedman, and James Buchanan each sought ways to improve the performance of the Federal Reserve. They each ended up rejecting the...

Frontmatter -- THE POLITICAL ECONOMY OF THE AUSTRIAN SCHOOL Series -- Contents -- Acknowledgments -- 1. Introduction -- 1. Theory -- 2. Money and Capital in Economic Development -- 3. The Theory of Economic Development and the "European Miracle'' -- II. Case Studies of Planning -- 4. The...