Robert Lowe, later Viscount Sherbrooke, played an important role in the late-Victorian methodological debate between the orthodox and historical economists known as the English Methodenstreit. Lowe adhered to a particularly narrow and immoderate version of the orthodox conceptual framework, and...

The provision of liquid funds via a lender-of-last-resort facility has been the chief means by which governments have chosen to prevent or stay bank runs. The introduction of such a facility, however, leads to a moral hazard problem which weakens each financial manager's commitment to sound...