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Money and the Rule of Law: Generality and Predictability in Monetary Institutions

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Money and the Rule of Law: Generality and Predictability in Monetary Institutions

4.85 68,862 ratings · 3,185 reviews
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Overview: "The reigning paradigm in monetary theory and policy has settled on 'constrained discretion' as the preferred central bank operating framework. This supposedly combines the best features of rules and discretion in central banking. But this romantic view is wrong. Constrained discretion is just discretion. No matter how smart or well-intentioned, discretionary central banking is plagued with information and incentive problems. These problems make it systematically unlikely that central bankers can deliver macroeconomic stability. Furthermore, discretionary central banking implicitly violates many of the jurisprudential norms of liberal democracy. Especially since the 2007-8 financial crisis, discretionary central banking has demonstrated it is difficult to reconcile with self-governance. We develop several novel arguments for why rules are preferable to discretion in monetary policy. Drawing on a wide body of scholarship, and especially the work of Nobel laureates Buchanan, Friedman, and Hayek, we show why discretionary central banking fails. We need rules, not discretion."--

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Peter J. Boettke
About the Author
Peter J. Boettke
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Peter J. Boettke writes contemporary fiction and has always been fascinated by character-driven stories. They hold a degree in English Literature and previously worked as an editor before transitioning to writing their own books. Peter J. Boettke lives with their spouse and a very vocal rescue cat.

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Matthew Nelson
Matthew Nelson April 25, 2025
A highly sophisticated read. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall.
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Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
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Susan Taylor January 09, 2024
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Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend.
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Linda Nelson February 16, 2025
Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
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Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
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Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
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Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem.
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Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
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Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
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Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend.
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Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars.
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Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
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Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece.
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I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend.
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Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre.
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Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
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I find myself somewhat conflicted. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perhaps more aligned with a different audience's tastes.
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Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
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I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author.
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Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
Andrew Baker
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Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
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Joshua Wilson October 08, 2025
Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
Kevin Hall
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I find myself somewhat conflicted. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perfectly average.
Donald Turner
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A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall.
Steven Taylor
Steven Taylor March 20, 2024
Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
Daniel Turner
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Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem.
Barbara Nelson
Barbara Nelson August 21, 2025
A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
Anthony  Davis
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I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. I would highly recommend this to discerning readers.
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Eric Garcia
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Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
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Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author.
Susan Diaz
Susan Diaz November 30, 2025
Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
Sandra Anderson
Sandra Anderson July 13, 2025
An acceptable diversion. It verged on repetitive in the second act. A more concise edit would have served it well. Perfectly average.
John Hall
John Hall January 30, 2024
Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author.
Barbara Nelson
Barbara Nelson April 09, 2024
Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel.
Carol Clark
Carol Clark July 10, 2024
Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
Kimberly Walker
Kimberly Walker March 02, 2024
I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers.
Sandra Hill
Sandra Hill March 04, 2024
A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers.
George Williams
George Williams November 13, 2025
Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem.
Charles Green
Charles Green November 04, 2024
I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall.
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Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
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Betty Gonzalez May 11, 2025
I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre.
Eric Brown
Eric Brown October 29, 2024
I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
Nancy Phillips
Nancy Phillips February 07, 2024
A decent, if standard, experience. Certain acts were fascinating, while others felt like a slight endeavor to complete. Perfectly average.
Donald Johnson
Donald Johnson April 19, 2025
I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend.
Carol Taylor
Carol Taylor January 18, 2024
A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers.
Donald Lopez
Donald Lopez March 11, 2025
I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
George Scott
George Scott June 14, 2024
Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
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Amanda Thompson March 09, 2024
A highly sophisticated read. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall.
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Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
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Karen Ramirez March 24, 2025
Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre.
Matthew Clark
Matthew Clark September 19, 2024
A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Joshua Gomez
Joshua Gomez June 23, 2024
Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
Gary Thompson
Gary Thompson December 25, 2025
A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
Melissa Wilson
Melissa Wilson September 14, 2025
I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend.
Thomas Lee
Thomas Lee June 27, 2025
Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars.
Steven Gonzalez
Steven Gonzalez September 09, 2024
Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
Robert Adams
Robert Adams October 16, 2025
I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author.
David Jackson
David Jackson August 20, 2024
Excellent, though slightly flawed. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall.
Kenneth Sanchez
Kenneth Sanchez June 07, 2025
I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. Quite impressive overall.
Eric Jones
Eric Jones June 06, 2025
A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars.
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Jacob Williams May 03, 2024
Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
Dorothy Jackson
Dorothy Jackson July 10, 2025
It was adequate. The prose was competent, yet the characters lacked the depth I usually seek. Perfectly average.
Carol Gomez
Carol Gomez September 23, 2025
Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading.
Donna White
Donna White June 18, 2025
An acceptable diversion. It verged on repetitive in the second act. A more concise edit would have served it well. Suitable if your reading queue is empty.
Sharon Nelson
Sharon Nelson May 30, 2024
Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
Richard King
Richard King November 22, 2024
Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
Mark Hill
Mark Hill January 21, 2025
Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
Brian Turner
Brian Turner October 03, 2024
Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre.
Patricia Flores
Patricia Flores November 23, 2025
A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
John Young
John Young May 03, 2024
Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars.
Linda Garcia
Linda Garcia March 27, 2024
A decent, if standard, experience. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perhaps more aligned with a different audience's tastes.
George Scott
George Scott February 09, 2025
Not entirely to my refined tastes. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perfectly average.
Cynthia  Davis
Cynthia Davis April 30, 2024
A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
Mark Hill
Mark Hill July 21, 2025
A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
Kevin King
Kevin King September 22, 2025
Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
Emily Perez
Emily Perez May 03, 2024
I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
Daniel Adams
Daniel Adams August 17, 2024
Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
Sarah Anderson
Sarah Anderson April 03, 2024
Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
Cynthia Evans
Cynthia Evans July 24, 2025
A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. Quite impressive overall.
Christopher Jones
Christopher Jones February 15, 2025
A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading.
Gary Garcia
Gary Garcia January 05, 2024
A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars.
Daniel Turner
Daniel Turner January 01, 2024
Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece.
Jessica Thompson
Jessica Thompson October 11, 2025
Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
Betty Anderson
Betty Anderson July 03, 2024
Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
Donna Gomez
Donna Gomez July 07, 2025
Excellent, though slightly flawed. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A solid 4 stars from me.
Sandra Rodriguez
Sandra Rodriguez May 25, 2025
A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. I would highly recommend this to discerning readers.
Linda Gonzalez
Linda Gonzalez July 13, 2024
Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece.
Nancy Robinson
Nancy Robinson March 22, 2025
Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece.
Barbara Thompson
Barbara Thompson May 15, 2025
Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
Sarah Anderson
Sarah Anderson October 29, 2025
Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. Quite impressive overall.
John Phillips
John Phillips April 21, 2025
Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
Brian  Davis
Brian Davis February 12, 2024
Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
Jennifer Walker
Jennifer Walker October 04, 2025
Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
Karen Scott
Karen Scott April 29, 2025
A highly sophisticated read. A brilliant concept executed with flair. Just a few pacing choices I would change. A solid 4 stars from me.
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