Market Monetarism, with its policy rule of NGDP targeting, has in common with free banking that both seek to avoid monetary disequilibrium. One might conclude that these are different approaches to achieving the same end. The purpose of this paper is to show that the proximate ends are in fact...

Bagus and Howden (2011) argue that price stickiness is a poor justification for advocating a flexible money supply through the issuing of fiduciary media under central or free banking. They view the contraction in output following an exogenous increase in money demand as an optimal response,...

I develop the idea of malignant monetary monocentricity: that contemporary central banks are systematically unlikely to deliver macroeconomic stability due to institutionally entrenched information and incentive problems. I also argue that polycentric monetary systems, best approximated by...

Most liberal constitutional theorizing, as exemplified by Buchanan (1975) and Rawls (1971), treats societies as closed systems of human interaction. This treatment is carried forward by emphasizing the similarity between choosing constitutional rules and choosing the rules for playing a parlor...