Working at the intersection of monetary economics and political economy, the authors of this volume develop novel arguments for why discretionary central banking is hard to reconcile with liberal democracy and doesn't actually solve or prevent financial crises. For that, we need rules, not discretion.

A novel argument that shows how rules work better than discretion when implementing monetary policy.

'A well-researched, well-written, highly-readable gem. By weaving the technical, philosophical, institutional, historical, and empirical aspects of money tightly together with the thread of economic principles, they are able to present money in a new light - the light of the rule of law. With that, the authors masterfully show why virtually every idea in vogue today has been tried before and why each has failed time and time again.' Steve H. Hanke, Johns Hopkins UniversityJohns Hopkins University