Contemporary monetary systems permit those in positions of authority to exercise discretionary power in the pursuit of monetary policy objectives. We argue there are strong prima facie reasons why this is normatively problematic. Engaging the literature on the rule of law, we argue that a...

Austrian economists are perhaps most well-known for developing the theory of the market process — how producers and consumers, guided by market prices, are able to coordinate their actions over time. In this paper we extend Austrian insights to the provision of fundamental governance goods. It...

Criticisms of market outcomes often rest upon a notion of 'market failure,' meaning that the market has failed to align incentives and knowledge to produce an optimal outcome. Rejoinders to classic market failure arguments have taken several forms: that there are institutional or contracting...