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.
The Controversy About the Kennedy Center
English Summary
The article uses the politicization of the Kennedy Center by President Trump to argue that federal involvement in cultural institutions is unnecessary and problematic. It challenges the common justification for government intervention—market failure—by arguing that performing arts do not constitute a public good or impose externalities. The piece asserts that since private demand dictates participation, the market is perfectly capable of supplying these services without government funding or control. Therefore, eliminating all federal involvement is presented as the only way to resolve political controversies and preserve institutional autonomy.
中文摘要
本文以川普總統對肯尼迪中心的政治化干預為例，論證了聯邦政府介入文化機構是不必要且有問題的。文章挑戰了政府干預的常見理由——即「市場失靈」，主張表演藝術既不構成公共財，亦不產生外部性。該文堅稱，由於私人需求決定參與程度，市場本身完全有能力在沒有政府資金或控制的情況下提供這些服務。因此，消除所有聯邦層面的介入，被提出為解決政治爭議和維護機構自主權的唯一途徑。
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