BUCHANAN (James M). &
BRENNAN (H. Geoffrey).
Monopoly in Money and Inflation. The Case for a Constitution to Discipline Government.
‘Buchanan and H. Geoffrey Brennan’s Monopoly in Money and Inflation discusses Leviathan’s tendency to use inflation, which devalues existing money and public debt, to maximise its revenues from the monopoly power of money creation. They propose responding with any of several possible constitutional amendments, such as mandating a particularly rate of monetary growth, eliminating the government’s monopoly over money issuance, or even eliminating its power to issue and regulate money’ (Shaviro, Do Deficits Matters?, p. 92).
