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.
Two Books on Crime and Punishment
English Summary
Two books argue that the U.S.'s high rates of crime and incarceration are not due to racism or punitive culture, but are symptoms of deep structural decay. Key evidence shows the U.S. is an outlier among developed nations, with vastly higher incarceration rates and violence, driven by deindustrialization, weakened social welfare, and corporate power. The authors conclude that pervasive violence stems from the increasing economic inequality and precarity of American life, necessitating a systemic reassessment of how crime, power, and wealth interact. Policy implications suggest that addressing the root causes—such as economic instability and institutional neglect—is crucial for improving public safety and restoring institutional legitimacy.
中文摘要
兩本書籍主張，美國高犯罪率和高監禁率並非源於種族主義或懲罰文化，而是深層結構性衰退的症狀。關鍵證據顯示，美國在已開發國家中屬於極端例外，其監禁率和暴力程度極為高，其驅動因素包括去工業化、社會福利體系衰弱以及企業權力過度。作者們總結指出，普遍的暴力現象源於美國日益加劇的經濟不平等和生活的不穩定性，這要求我們對犯罪、權力與財富之間的相互作用進行系統性的重新評估。政策意涵表明，解決根本原因——例如經濟不穩定和制度性忽視——對於改善公共安全和恢復制度合法性至關重要。
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