Recent Publications

Taiwan Economic Research Monthly The physiology, pathology, and pharmacology of housing prices ‧ The economic and social system is a complex interplay of numerous factors, where almost all issues are part of a larger whole. Minor changes in certain areas can lead to significant shifts in seemingly unrelated problems, a phenomenon known as the butterfly effect. From this perspective, it seems that all problems need to be considered holistically, and solutions should be approached with a comprehensive mindset. However, the entirety is so vast that it is beyond our grasp and understanding. When formulating monetary policies, it is neither possible nor necessary to consider whether it will alter the movement of a small asteroid or cause heavy rainfall in a particular country when catching a butterfly. The butterfly effect is often too small to observe and calculate, and similar factors are too numerous to comprehend, with many potentially canceling each other out. Therefore, attempting to directly predict and prevent the disasters of storms is evidently more economically efficient than trying to control the actions of a specific butterfly, a few butterflies, or all butterflies globally. As a result, most economic problems can only be analyzed within a specific scope and considering certain factors, rather than attempting to analyze the entire universe.