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.
China's Science and Technology Strategy in Perspective: Historical Evolution, Political Drivers, and Global Implications
English Summary
This RAND report analyzes China's evolving science and technology (S&T) strategy, highlighting a shift towards centralized, CCP-led innovation emphasizing technological self-reliance and integration with national security goals. Key findings include the strategic importance of S&T for China's power projection, the rise of military-civil fusion, and a move away from reliance on foreign technology. The report underscores the need for policymakers to understand China's approach to S&T, balancing collaboration with safeguards for research integrity and national security.
中文摘要
本RAND公司報告分析了中國科學技術 (S&T) 戰略的演變，突顯出向中央集權、由中國共產黨主導的創新轉變，強調技術自主並將其與國家安全目標整合。主要發現包括：科學技術對中國影響力擴張的戰略重要性、軍民融合的崛起，以及減少對外國技術的依賴。該報告強調政策制定者有必要理解中國的科學技術方法，在合作與維護研究誠信和國家安全保障之間取得平衡。
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