This paper applies Kirzner’s theory of entrepreneurial alertness to central banking. As opposed to entrepreneurs operating within the market, central banks can operate outside the market by defining its structure and regulations. We label as “super-alertness” the particular type of...

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...

Knowledge problems with discretionary monetary policy -- Incentive prolems with discretionary central banking -- When firefighters are arsonists -- On the shoulders of giants: monetary policy insights of the classically liberal nobel laureates -- Money and the rule of law -- Conclusion: money...

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...

This paper revisits the debates about the meaning of economic efficiency, and the moral dilemmas associated with using Kaldor-Hicks efficiency or Pareto efficiency for policy analysis. I lay out the best case for efficiency as meta-value, and highlight that it still does not allow us to evade...