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.
Rideshare Licensing Fails the Consumer Protection Test
English Summary
The article argues that mandatory occupational licensing for rideshare drivers is largely redundant and fails to provide demonstrable consumer protection. Leveraging vast Uber datasets, researchers found no consistent evidence that state licensing requirements improve safety metrics, such as star ratings or the prevalence of hard braking, when compared to unlicensed drivers. Since ride-sharing platforms already vet drivers through ratings and the threat of account deactivation, licensing primarily acts as a supply restriction. Policy implications suggest that such regulations unnecessarily raise costs for consumers without improving quality, advocating instead for deregulation to boost competition.
中文摘要
本文主張，對共乘服務司機實施強制職業執照制度在很大程度上是多餘的，且無法提供可證明的消費者保護。研究人員利用大量的Uber數據集發現，與無執照司機相比，州級執照要求並未持續改善安全指標，例如星級評分或急煞車的發生率。由於共乘平台已經透過評分和帳戶停用威脅對司機進行了審核，執照制度主要起到了限制供應的作用。政策意涵指出，此類法規徒增了成本給消費者，卻沒有提升品質，因此建議應進行放寬管制，以促進市場競爭。
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