Peter J. Boettke, Alexander W. Salter & Daniel J. Smith: Money and the Rule of Law

Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Read more…

Joachim Zweynert: When Ideas Fail – Economic Thought, the Failure of Transition and the Rise of Institutional Instability in Post-Soviet Russia

In the history of Russian economic ideas, a peculiar mix of anthropocentrism and holism provided fertile breeding ground for patterns of thought that were in potential conflict with the market. These patterns, did not render the emergence of capitalism in Russia impossible. But they entailed a deep intellectual division between Read more…

Fabian Wendt: Authority

From citizens paying taxes to employees following their bosses’ orders and kids obeying their parents, we take it for granted that a whole range of authorities have the power to impose duties on others. However, although authority is often accepted in practice, it looks philosophically problematic if we conceive persons Read more…