Behind a veil of ignorance, if asked to specify a single simple rule for regulating political economy, it should be “minimize the discretion of rulers and regulators”.
That’s my opinion. I will discuss Avinash Persaud, James M. Buchanan, John Cochrane, Luigi Zingales, Max Weber, Niall Ferguson, who all have in common an interest in the priority given either to rules or discretion, with opinions either side of mine.
Bye the bye, I’m moving house. When I finish packing my books and have waved so-long to the removals van, in the blissful interlude during which the container crosses the oceans I shall re-read Luigi Zingales’ new book (on Kindle). It richly deserves the extra attention.
1. Luigi Zingales