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.
Reflections on Blackstone’s Commentaries: The Natural Liberty of Mankind
English Summary
CATO’s analysis of Blackstone’s Commentaries highlights the enduring influence of natural liberty concepts on the American Founding Fathers. Drawing heavily on Blackstone’s emphasis on inherent rights – life, liberty, and property – particularly as articulated in Book 1, Chapter 1, the text demonstrates how these ideas, rooted in thinkers like Locke and the Magna Carta, provided a philosophical justification for resistance against perceived tyranny. This focus on individual autonomy and protection against government overreach directly informed the Declaration of Independence and the Virginia Declaration of Rights. Ultimately, Blackstone’s arguments, despite his own political leanings, served as a crucial foundation for the American commitment to limited government and the safeguarding of fundamental freedoms.
中文摘要
CATO 對貝克史壯《評論集》的分析突顯了自然自由觀念對美國建國父輩的持久影響。貝克史壯特別強調人固有權利——生命、自由和財產——尤其是在《第一書，第一章》中闡述，展示了這些觀念，源於洛克和大憲章等思想家，為反對被認為的暴政提供了哲學上的 justification。這種對個人自主權和免受政府過度干預的關注，直接影響了《獨立宣言》和弗吉尼亞人權宣言。儘管貝克史壯的政治立場有所不同，但他的論點仍然為美國對有限政府的承諾以及保障基本自由奠定了至關重要的基礎。
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