The first doctrine favors what it calls “sound money,” defined as money that has a purchasing power determined by markets, independent of governments and political parties. A true gold standard is one example of money that has an intrinsic value determined by markets rather than governments.

The second doctrine favors what it calls “stable money,” originally defined as money that is managed so its value does not change, but more recently redefined as money that is managed so its value changes at some fixed, predictable rate.