Three crisis policy principles:
- Consider no policy during recession that would not be equally useful during prosperity.
- Consider no policy whose intention is to evade or cushion the crisis.
- Consider no policy that is not intended to be permanent.
These principles have implications-in-common:
- Use crisis to implement policies that should have been introduced during prosperity
- Exit crisis and enter prosperity with policies for market-led innovation-led growth
- Confront known problems with known solutions head-on as a first priority
- Do not postpone structural adjustment in the expectation of easier days to follow
- Growth achieved by political monetary and fiscal levers alone will not create prosperity
Boundary rules by living authors:
- James Buchanan leads in provocative ideas for constitutional reform.
- Hernando de Soto leads in ideas about minimalist rules for information disclosure.
- Nassim Taleb leads in ideas about minimalist rules for systemic risk avoidance.
- John Taylor leads in ideas for non-partisan doable rules-based monetary policy.
Random selections from a newish “I Agree” file: