Knowledge problems with discretionary monetary policy -- Incentive prolems with discretionary central banking -- When firefighters are arsonists -- On the shoulders of giants: monetary policy insights of the classically liberal nobel laureates -- Money and the rule of law -- Conclusion: money...

This paper suggests that contemporary economics is characterized by three key features. First, it is focused on 'big questions' in political economy and is willing to look outside economics to search for these questions and their answers. Second, contemporary economics is empirically focused....

Early efforts to tame man’s passions going back to antiquity focused on the repression of those passions. As the political and social sciences emerged, the argumentative focus shifted from repressing to harnessing man's passions. This is what produced the discovery of the "invisible hand"...

In the midst of the current financial crisis the economics profession has seen a monumental resurrection of Keynesian ideas. The debate, which Keynes started back in the 1930s, is being picked up again, not where it left off, but in exactly the same place it started. While Keynesian theories...

This paper suggests that contemporary economics is characterized by three key features. First, it is focused on "big questions" in political economy and is willing to look outside economics to search for these questions and their answers. Second, contemporary economics is empirically focused....