" Money and the Rule of Law is a welcome contribution to the intellectual road and research agenda at the intersection of political economy, banking theory, and monetary institutions. The book is a great reminder of the fact that while economics might be a science, political economy and monetary policy are worldly artsFootnote7 that require prudence and nuanced understanding of how institutions are constructed. The knowledge we require to build better monetary institutions for the future lies at the intersection of these fields. This book has made a strong contribution in illuminating it and has paved the path forward."
"This book could not have come at a more important time. Over the past two years we have witnessed agencies at all levels of government wield power in a manner inconsistent with the rule of law, and the Fed has been no exception. Milton Friedman believed that only crises bring about real change. The way in which we respond to such events, he argued, depends on the ideas lying around. Let us hope that as we evaluate the Fed’s response to the COVID-19 pandemic, and contemplate what, if any changes we wish to make to our monetary institutions, we take seriously the ideas in Money and the Rule of Law."
"Money and the Rule of Law is a must-read for the monetary scholar. Beyond a discussion of the relationship between monetary policy and the rule of law the book
additionally serves as a concise, well-organized, and comprehensive detailing of the plethora of impediments faced not only by central bankers but central planners of all stripes."
"I agree with the back-cover endorsement from Ohanian, who says that Money and the Rule of Law is “important for all readers hoping to preserve good governance, promote shared prosperity, and limit expropriation by those who would exploit democratic institutions.”
"Boettke, Salter, and Smith have written a book about monetary policy that is different from any other book on this topic. Rather than framing their discussion around specific models, data, and other technical issues, the authors have tried to take a step back from the minutiae of monetary theory in order to see the big picture. Their object is to convince the reader that there are basic questions of governance that have essentially been ignored by both policymakers and academics. In their view, these basic questions cannot be treated as an afterthought, and therefore must be confronted head on rather than ignored."
"...Money and the Rule of law Comprises a wake-up call: We need to ask ourselves whether we are sleep-walking into an economy governed by discretionary central planning that is both economically damaging and philosophically unacceptable. The book deserves to be widely read."
"it’s truly extraordinary"
"the book sparks an important conversation about bringing the money supply under the rule of law and not subjecting it to the will of the state. .”
"The proper object of monetary policy, it seems, has more to do with legal and constitutional issues than we realize. This becomes less surprising once we recognize, as Peter J. Boettke, Alexander William Salter, and Daniel J. Smith state in their new book Money and the Rule of Law: Generality and Predictability in Monetary Institutions (2021) that “money is one of several foundational institutions” for “social order and civilization.”
“Money and the Rule of Law” discusses the dangers of discretionary monetary policy and advocates a consistent, rules-based approach "
"an intriguing new look at the basis on which central banks (and, specifically, the Fed) should be operating. (Spoiler: It’s not the way they are operating now.)
This book is a serious, and closely reasoned, piece of work..."
Amazon (5/24/2021)
Amazon (5/16/2021)
Amazon (5/15/2021)