Auditing the Fed, replacing Fed monetary policy discretion with a mandatory price rule governing policy, even the gold standard, Nobel Laureate Friedreich Hayek pushed the envelope beyond all of these.
FORBES: Rethinking Money: The Rise Of Hayek's Private Competing Currencies
For illiquid assets, Enron had considerable discretion in deciding what constituted a fair price.
ECONOMIST: The tragedy of one company's rise and fall
Discretion paid but also had its price.
NPR: Elevating the World's Oldest Profession in Chicago
Gold increases in price more than semi-precious metals because it has less capability of having its supply increased by discretion.
FORBES: Why David Tepper Is Only Half Right
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