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.
Can the United States Win the Biotech Race?
English Summary
The panel argues that while the U.S. has historically dominated biomedical research, its leadership position is now critically threatened by global competitors, most notably China, which has strategically prioritized and invested heavily in its biotech sector. To maintain technological superiority, the U.S. must implement systemic reforms, including streamlining regulatory processes and creating a unified federal approach to biomanufacturing. Policy recommendations emphasize treating biotech data as a strategic asset, requiring data sharing from federal grants, and integrating the sector more closely with national defense and security needs. Failure to act swiftly risks a significant and potentially irreversible setback in U.S. technological and economic power.
中文摘要
該小組指出，儘管美國在生物醫學研究方面具有歷史主導地位，但其領導地位現正受到全球競爭對手，尤其是中國的嚴重威脅。中國已透過戰略性的優先投入和大量投資，大力發展其生物科技產業。為維持技術優勢，美國必須實施系統性改革，包括簡化監管流程，並建立統一的聯邦層級生物製造模式。政策建議強調將生物科技數據視為戰略資產，要求聯邦補助款項必須包含數據共享機制，並將該產業更緊密地與國家國防和安全需求整合。若未能迅速採取行動，美國的技術和經濟實力將面臨重大且可能不可逆轉的挫敗。
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