Alexander W. Salter
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Discretionary Central Banking Is Information Incompatible
Discretionary central banking places immense information burdens on central bankers.
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Discretionary Central Banking Is Incentive Incompatible
Central banking is the institutionalization of irresponsibility in monetary policy.
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Modern Central Banking as Technocracy
The chief problem with modern central banking is that it’s discretionary.
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Coinage and Fiscal Finagling
Coinage provided an easy-to-assess standard. It also presented a significant temptation for the fiscal authority.
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Ancient Human Activity and the Necessary Conditions for Indirect Exchange
Chartalists are right: debt preceded money. But that fact doesn’t do the work they think it does.
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Do the Origins of Money Matter?
A whirlwind tour through alternative theories would seem to suggest one fits much more comfortably with a pro-liberty worldview than another.
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Money in Illiberalism
A liberal society is governed by the principles of private property and freedom of contract, under the aegis of a nondiscriminatory rule of law. In such a society, money enables […]
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Money in Liberalism
One feature of a liberal society is that its institutions, and especially its formal institutions with coercive backing, are bound by a nondiscriminatory rule of law, and work to protect […]
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The Institutional Character of Money
On the one hand, money is the language of commerce; money prices are the very medium of economic experience. On the other hand, there seems to be a deeper reality […]
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Is Money Really a Veil?
My previous post was a crash course on the role of prices in a market economy. Importantly, prices are money prices. The vast majority of the time, producers accept the […]
