I was reading this page about monetarism and I saw a sentence in which the word discretion was used. I'd like to ask if it is correct in terms of semantics.
Characteristics of Monetarism
Monetarism is a mixture of theoretical ideas, philosophical beliefs, and policy prescriptions. Here we list the most important ideas and policy implications and explain them below.
1.The theoretical foundation is the Quantity Theory of Money.
2.The economy is inherently stable. Markets work well when left to themselves. Government intervention can often times destabilize things more than they help. Laissez faire is often the best advice.
3.The Fed should be bound to fixed rules in conducting monetary policy. They should not have discretion in conducting policy because they could make the economy worse off.
4.Fiscal Policy is often bad policy. A small role for government is good. .