People who have the ambition to get to the top frequently have a bias toward discretionary interventionism

Rules for America's Road to Recovery

by John B. Taylor (George P. Shultz Senior Fellow in Economics; Chair, Working Group on Economic Policy; and member of the Task Force on Energy Policy)

America's economic future is increasingly uncertain. In my view, unpredictable economic policy—massive fiscal "stimulus" and ballooning debt, the Federal Reserve's quantitative easing with multiyear near-zero interest rates, and regulatory uncertainty due to ObamaCare and the Dodd-Frank financial reforms—is the main cause of persistent high unemployment and our feeble recovery from the recession.
A reform strategy built on more predictable, rules-based fiscal, monetary and regulatory policies will help restore economic prosperity. That will be a daunting task, of course, but as they undertake the necessary changes, reformers should pay close attention to what the great economist and philosopher Friedrich A. Hayek wrote in the middle years of the last century.

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