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 End of Foreign Aid Is Not the End of Development
English Summary
The article argues against the narrative of the ‘end of foreign aid,’ contending that reduced funding will hinder development progress. Evidence presented highlights the catastrophic impact of aid cuts on global health, with projections indicating a 200,000 increase in child deaths in 2025 due to reduced health assistance. Despite significant progress in poverty reduction and improved health outcomes over the past two decades – including halving extreme poverty and dramatically decreasing deaths from diseases like HIV/AIDS and malaria – global aid funding remains substantially lower. The authors advocate for a shift towards empowering developing nations through targeted investments in local capacity building, aiming to eventually make aid unnecessary. This approach should focus on sustainable growth and human potential within recipient countries.
中文摘要
本文論述反駁『外援結束』的敘事，認為資金削減將阻礙發展進程。所引用的證據突顯了援助削減對全球健康的災難性影響，預測2025年由於醫療援助減少，兒童死亡人數將增加20萬。儘管過去二十年極富成效地在扶貧和改善健康狀況方面取得了顯著進展——包括將極端貧困人口減半，以及顯著降低了艾滋病和瘧疾等疾病的死亡率——但全球援助資金仍然遠遠不足。作者呼籲轉向通過在當地能力建設方面的有針對性的投資來賦權發展中國家，最終使援助變得不必要。這種方法應側重於受贈國的可持續發展和人類潛力。
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