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Economics --- Austrian school of economics --- AA / International- internationaal --- 330.46 --- Hedendaagse periode, met inbegrip van de psychologische school (Oostenrijkse), mathematische school, solidarisme, communisme, marxisme, bolsjewisme, anarchisme. --- Macroeconomics --- Microeconomics --- Value --- Standard of value --- Cost --- Exchange --- Wealth --- Prices --- Supply and demand --- Price theory --- Austrian school of economists --- Marginalist school of economics --- Schools of economics --- Marginal utility --- Hedendaagse periode, met inbegrip van de psychologische school (Oostenrijkse), mathematische school, solidarisme, communisme, marxisme, bolsjewisme, anarchisme --- Economic schools --- Austria --- Evolutionary economics --- Economists --- Austrian school of economics. --- Economists - Austria --- École autrichienne d'économie politique --- Économie politique --- Histoire --- Autriche

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Austrian school of economics.

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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. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.

Monetary policy. --- Banks and banking, Central. --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Monetary management --- Economic policy --- Currency boards --- Money supply