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.
Antitrust in the Streaming Age: Why the Paramount–Warner Deal Deserves a Modern Analysis
English Summary
The CATO analysis argues that current antitrust challenges to major media mergers, such as Paramount–Warner Bros., rely on outdated market definitions that fail to account for modern consumer choice. The core reasoning is that technological innovation—specifically streaming, VOD, and specialized services—has created multiple substitutes for traditional theatrical or cable viewing, increasing consumer welfare and lowering costs. Therefore, policymakers must adopt a broad 'consumer welfare' standard that reflects the diverse, multiplatform entertainment ecosystem rather than focusing narrowly on single distribution channels.
中文摘要
CATO 分析指出，當前針對大型媒體合併案（例如 Paramount–Warner Bros.）的反壟斷挑戰，是基於過時的市場定義，未能充分考量現代消費者的選擇權。其核心論點在於，技術創新——特別是串流媒體、視訊點播（VOD）和專業化服務的出現——為傳統影院或有線電視觀看創造了多重替代品，從而提升了消費者福利並降低了成本。因此，政策制定者必須採納一個廣泛的「消費者福利」標準，以反映多元、多平台的娛樂生態系統，而非僅將焦點局限於單一的發行管道。
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