AI Summary & Key Takeaways
AI InsightAs long as uncertainties and insufficiencies related to rules could not be eliminated, it is reasonable to take advantage of some guiding rules without seeing them superior to discretion in taking discretionary decisions.\r\n
📌 3 Key Takeaways
Abstract
\r\n A monetary constitution, in the broadest sense, defines rules and institutions related to monetary system. It includes rules, that regulate the government's power to issue money in constitution. Economic systems giving discretionary power to governments can never be inflation-free in the long run. Long-term monetary stability can be maintained only if governments have no discretionary authority to influence the stock of money. But, among the monetary constitutionalists there is no compromise about which rule is the best. As long as uncertainties and insufficiencies related to rules could not be eliminated, it is reasonable to take advantage of some guiding rules without seeing them superior to discretion in taking discretionary decisions.\r\n
Özet
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