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...

We argue James M. Buchanan's scholarship provides us an exemplary model for doing liberal political economy. Levy (2014) argues there are irreconcilable tensions within liberalism between rationalism and pluralism. Buchanan navigates these tensions in a way that powered one of the most important...

What does the reality of political bargains imply for the sustainability of constitutions enshrining procedural liberalism? I explore this question by taking a catallactic, or transactional, view of politics. I claim that the economic way of thinking — purposive behavior and exchange activity...