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Global stakeholders scrutinize Trump Administration policies, AI sector positioned to gain first
Domestic Manufacturing, Services, and Construction Sectors Show Growth |
The global manufacturing sector continues to exhibit a polarized performance. Strong demand persists in advanced semiconductor processes and server markets, while traditional industries are seeing only limited recovery. Recently, the U.S. new orders and production indices returned to expansion territory, indicating a mild recovery in demand. However, the Eurozone remains in contraction due to weak demand and heightened political uncertainty. In China, manufacturing activity has sustained expansion for three consecutive months, driven by government stimulus policies. Meanwhile, Japan has experienced six consecutive months of contraction, though the pace of deterioration has moderated. On the domestic front, year-end seasonal demand and pre-Lunar New Year restocking have driven December indices upward. The service sector benefited from Christmas, and New Year's Eve celebrations, year-end banquets, and concerts, which spurred growth in dining and lodging demand, leading to optimistic wholesale, restaurants, and hotels sector performance for the month.The construction sector experienced a surge from year-end public project deadlines and robust demand for semiconductor and green energy construction projects, bolstering confidence in both current and six-month outlooks. The real estate sector saw stabilization in December, supported by pre-Lunar New Year homebuying activity and increased property handovers. However, the market is expected to cool in the coming months due to funding constraints and high baseline property prices.According to the Taiwan Institute of Economic Research (TIER), composite indicators for manufacturing, services, and construction rose in December 2024. ...Read more |
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Wage Disparities and Labor Distribution Are Not Central to the Low-Pay Problem |
Wage inequality doesn't necessarily lead to income inequality. While many focus on wage disparities and labor share of national income, using these as policy indicators may lead to misguided conclusions and policies. Those concerned with wage gaps often view them as determinative factors in income distribution. However, individual and household incomes comprise multiple sources; inequality in one source doesn't automatically result in overall income inequality. Statistical data shows that some high-wage earners derive their income from corporate control privileges rather than from human capital services. Including such cases in wage distribution analysis serves little purpose. Conversely, high wages reflecting genuine capability and contribution are both justifiable and economically efficient. Our focus should be addressing low wages rather than criticizing high earnings. The recent decline in labor share has drawn attention, but this decrease doesn't necessarily indicate worker exploitation or worsening income distribution. Labor share naturally fluctuates with changing economic conditions. If wages and labor share are determined by technological and economic factors in accordance with efficiency principles, policy intervention may be inappropriate. More comprehensive analysis is needed before drawing conclusions. Modern workers often have diverse income sources, including returns from capital, technology, and investments. A declining labor share doesn't necessarily indicate a relative decline in overall employee income if these alternative income sources increase. Therefore, enhancing non-wage income for wage earners represents a crucial direction forward. While changes in labor share warrant investigation, its decline shouldn't automatically be interpreted as deteriorating conditions for wage earners. Basic economics distinguishes between two types of income distribution: functional distribution (allocation among production factors) and household distribution (allocation among families). Absent market failures, governments shouldn't intervene in functional income distribution. Household income distribution, reflecting relative family welfare, may warrant government intervention if excessive inequality exists. These two concepts shouldn't be conflated when discussing income distribution issues. (For more, please see the current monthly journal) |
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Taiwan Economic Research Monthly
Spectrum Planning for Future Communications: Evolution and Challenges from B5G to 6G |
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The radio frequency spectrum represents a critical and scarce resource for telecommunications advancement. As technology evolves and demands increase across mobile and satellite communications, the equitable, harmonious, and efficient utilization of spectrum resources has become a crucial challenge for nations worldwide. In the Beyond 5G era, the rapid development of LEO satellite communications, exemplified by systems like Starlink, propels progress toward a three-dimensional network that spans land, sea, and air in the 6G era. Everyday communications are transitioning from solely terrestrial networks to non-terrestrial networks such as satellite communications and high-altitude platform communications, leading to greater demand for spectrum resources and becoming a cornerstone of national network resilience. Furthermore, PDR systems ensure seamless communication for emergency response units. In recent years, nations have actively leveraged mobile broadband and related applications to allocate PPDR frequency bands and construct supporting networks. This feature articles delve into the future of LEO satellite communications, the rise of high-altitude communication platforms, an analysis of PPDR models, and spectrum planning. It examines the trends in high-altitude platforms, LEO satellites, direct-to-cell satellite connectivity, and public safety and disaster relief communications, as well as the corresponding spectrum planning and allocation trends. In light of the anticipated development of 6G by 2030, this feature articles also analyzes the current state of spectrum usage and future spectrum release plans in Taiwan. By synthesizing domestic spectrum utilization data and addressing key international issues, it provides forward-looking recommendations for spectrum planning in preparation for the 6G era.
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