Recent proposals for policy rules legislation have led to a fascinating replay of issues that have long been at the heart of the rules versus discretion debate. Larry Summers raised one in a debate between him and me at the American Economic Association meetings in Philadelphia and again at a conference at Stanford a week ago. Here is how Larry started in Philadelphia (from the transcript in the Journal of Policy Modeling Vol. 36, Issue 4, 2014)
“John Taylor and I have, it will not surprise you…a fundamental philosophical difference, and I would put it in this way. I think about my doctor. Which would I prefer: for my doctor’s advice, to be consistently predictable, or for my doctor’s advice to be responsive to the medical condition with which I present? Me, I’d rather have a doctor who most of the time didn’t tell me to take some stuff, and…
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Utopia, you are standing in it! 
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