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 Geriatric Peace: Population Aging and the Decline of War
English Summary
The article argues that global population aging and shrinking working-age populations will fundamentally constrain the capacity of major states to wage war, leading to a potential 'geriatric peace.' This theory is supported by demographic trends, such as China's projected dramatic decline in its working-age population, which limits both resources and manpower for conflict. While acknowledging that demographic factors are not deterministic—citing Russia's invasion of Ukraine as a counterexample—the analysis suggests that these limitations will dampen the pressures for large-scale great power conflict, particularly between the US and China. Policymakers should factor demographic decline into long-term strategic planning, recognizing it as a structural brake on military escalation.
中文摘要
本文提出，全球人口老齡化和勞動人口萎縮將從根本上限制主要國家發動戰爭的能力，從而可能導致一種潛在的「老年和平」（geriatric peace）。該理論得到人口結構趨勢的支持，例如中國預計的勞動人口急劇下降，這限制了衝突所需的資源和人力。儘管文章承認人口結構因素並非決定性因素——並以俄羅斯入侵烏克蘭作為反例——但分析指出，這些限制將減緩大國發生大規模衝突的壓力，特別是美中之間。政策制定者應將人口結構下降納入長期戰略規劃，將其視為限制軍事升級的結構性制動。
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