Texas Tech University

Upcoming Events

 

FMI Public Speaker Series

February 9  March 3  

 

Money and the Rule of Law — February 9

Salter and Boettke Event Image

This event is free and open to the TTU community and the general public.

Event Parking will be available in TTU Lots R23 and C4, located north of the Rawls College of Business.

About the Program

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.

Based on their recent book, Money and the Rule of Law: Generality and Predictability in Monetary Institutions (2021), co-authored with Daniel J. Smith of Middle Tennessee University, Dr. Salter and Dr. Boettke present a novel argument in favor of embedding monetary institutions into a rule of law framework. They 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.

About the Speakers

Alexander William Salter is Comparative Economics Research Fellow at the Free Market Institute and Georgie G. Snyder Associate Professor of Economics in the Jerry S. Rawls College of Business Administration at Texas Tech University. Dr. Salter earned his B.A. in economics from Occidental College and his M.A. and Ph.D. in economics from George Mason University.

Dr. Salter's research focuses on comparative political economy and institutional analysis. He is interested in monetary economics and macroeconomics, and especially the question of which monetary and macroeconomic institutions best promote economic stability. His research interests also include the economics of governance in the tradition of the Virginia School of political economy, investigating which governance rules effectively align the incentives of governors with the welfare of the governed.

He has authored more than 70 scholarly publication and more than 100 articles for the general public. His first book, Money and the Rule of Law: Generality and Predictability in Monetary Institutions, was co-authored with Peter J. Boettke and Daniel J. Smith, and published by Cambridge University Press in Spring 2021. 

In addition to conducting scholarly research, Dr. Salter is a senior fellow with the American Institute for Economic Research's Sound Money Project, and serves as an associate editor of the Journal of Private Enterprise.

Peter J. Boettke is a University Professor of Economics and Philosophy at George Mason University, the BB&T Professor for the Study of Capitalism, and the Director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. He is co-author of Money and the Rule of Law: Generality and Predictability in Monetary Institutions.

As a teacher, Dr. Boettke is dedicated to cultivating enthusiasm for the economic way of thinking and the importance of economic ideas in future generations of scholars and citizens. He is also the co-author, along with David Prychitko, of the classic principles of economics texts of Paul Heyne's The Economic Way of Thinking (12th Edition, Prentice Hall, 2009). His efforts in the classroom have earned him a number of distinctions including the Golden Dozen Award for Excellence in Teaching from the College of Arts and Sciences at New York University and the George Mason University Alumni Association's 2009 Faculty Member of the Year award.

In 2005, Dr. Boettke received the Charles Koch Distinguished Alumnus award from the Institute for Humane Studies and the Jack Kennedy Award for Alumni Achievement from Grove City College. He was the 2010 recipient of the Association of Private Enterprise Education's Adam Smith Award as well as George Mason University's College of Humanities and Social Sciences Distinguished Alumnus of the Year Award. In 2012, he received a doctorate honoris causa in Social Sciences from Universidad Francisco Marroquin. In 2013, he received his second honorary doctorate from Alexandru Ioan Cuza University in Romania. 

Dr. Boettke served as President of the Southern Economics Association from 2015 - 2017 and President of the Mont Pelerin Society from 2016 - 2018. He also is the Editor of the Review of Austrian Economics and the Associate Editor of the Journal of Economic Behavior & Organization.

[Back to Top]

The Rise of Political Capitalism — March 3

Randall Holcombe Event Image

This event is free and open to the TTU community and the general public.

Event Parking will be available in TTU Lots R23 and C4, located north of the Rawls College of Business.

About the Program

Problems associated with cronyism, corporatism, and policies that favor the elite over the masses have received increasing attention in recent years. Political Capitalism explains that what people often view as the result of corruption and unethical behavior are symptoms of a distinct system of political economy. The symptoms of political capitalism are often viewed as the result of government intervention in a market economy, or as attributes of a capitalist economy itself.

Drawing research from his book, Political Capitalism: How Economic and Political Power Is Made and Maintained (2018), Prof. Randall G. Holcombe combines well-established theories in economics and the social sciences to show that political capitalism is not a mixed economy, or government intervention in a market economy, or some intermediate step between capitalism and socialism.

After developing the economic theory of political capitalism, he goes on to explain how changes in political ideology have facilitated the growth of political capitalism, and what can be done to redirect public policy back toward the public interest.

About the Speaker

Randall G. Holcombe is DeVoe Moore Professor of Economics at Florida State University. He received his Ph.D. in economics from Virginia Tech, and taught at Texas A&M University and at Auburn University prior to coming to Florida State in 1988.

Prof. Holcombe is also Senior Fellow at the James Madison Institute, a Tallahassee-based think tank that specializes in issues facing state governments. He served on Florida Governor Jeb Bush's Council of Economic Advisors from 2000 to 2006, and is past president of the Public Choice Society and the Society for the Development of Austrian Economics.

Prof. Holcombe is the author of fifteen books and more than 150 articles published in academic and professional journals. His books include From Liberty to Democracy: The Transformation of American Government (2002), Producing Prosperity (2013), and Political Capitalism: How Economic and Political Power Is Made and Maintained (2018). His primary areas of research are public finance and the economic analysis of public policy issues.

[Back to Top]


If you would like to receive notice of upcoming programs and events, please email the Free Market Institute at free.market@ttu.eduor call 806.742.7138.

 

TTU FMI Double T Logo