Problem
1. What do you understand by the term 'public choice theory'? How does public choice theory undermine Keynesian economics?
2. Why favour 'rules' over 'discretion' in macroeconomic policy formulation? When might a rules-based policy prove problematic?
3. What are the arguments for and against having an independent central bank?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.