The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
JD Vance’s New Book Cites My Research on How Immigrants Undermine Labor Unions
English Summary
The article argues that increased immigration significantly undermines labor unions by introducing ethnic, linguistic, and religious diversity among the workforce. This diversity raises the transaction costs required for collective action, making it difficult for workers to organize into powerful union movements. From a free-market perspective, this decline in union power is viewed as beneficial because it reduces political pressure for progressive, anti-capitalist policies and helps preserve economic freedom. The research suggests that weaker unions translate directly into less state intervention and greater market flexibility.
中文摘要
本文論述，移民增加會透過在勞動市場引入種族、語言和宗教上的多樣性，從而大幅削弱工會的力量。這種多樣性提高了進行集體行動所需的交易成本，使得工人難以組織出有力的工會運動。從自由市場的角度來看，工會力量的衰退被視為有利的，因為它減少了對進步和反資本主義政策的政治壓力，並有助於維護經濟自由。研究指出，工會越弱，國家干預就會越少，市場靈活性也會越大。
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