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.
America Is Losing the Innovation Race
English Summary
The article argues that the United States is losing its technological leadership to China, challenging the outdated view of China merely as a manufacturing base. Evidence shows that China has rapidly evolved into an innovation powerhouse, achieving significant advancements and deployment leadership in critical sectors such as electric vehicles, advanced batteries, wireless telecommunications, and pharmaceuticals. This rapid technological ascent necessitates a strategic reassessment for the U.S., implying that policymakers must urgently adjust industrial policy and investment to counter China's growing global technological dominance.
中文摘要
本文論述美國正在將技術領導地位拱手讓給中國，挑戰了將中國僅視為製造基地的過時觀點。證據顯示，中國已迅速發展成為一個創新強國，在電動車、先進電池、無線電通信和製藥業等關鍵領域取得了顯著的技術進展和部署領導地位。這種快速的技術崛起要求美國進行戰略性重新評估，暗示政策制定者必須緊急調整產業政策和投資，以應對中國日益增長的全球技術主導地位。
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