John Taylor offers wise advice – I’d call it an expression of “Hayekian-Friedmanite-Buchanesque wisdom” were that term not so clunky – on rules in general, and on monetary policy specifically. (The need for Taylor to offer such advice is, I dare say, further evidence in support of my hypothesis, expressed earlier today, about a foundational belief of champions of discretionary and powerful government.)
My interest in methodology has waned – which is not to say that my belief in the importance of sound methods – and, hence, in the importance of sound and systematic study of methods (that is, methodology) – has diminished (for it has not). But because long ago at NYU I took a course in methodology from the great Fritz Machlup, this paper by Gabriel Zanotti and Nicolas Cachanosky grabs my attention. I’m likely to read it soon.
Finally, here’s a snippet of a talk that I gave last Monday at Middle Tennessee State University – the undergraduate alma mater of Jim Buchanan.