Economic Theory
In 1992, the economist Gary Becker received the Nobel Prize for extending economic analysis to spheres of human behaviour previously considered the sole domain of sociologists and psychologists. These included topics as diverse as education, racial discrimination, medicine, drug addiction and even traffic flows. Becker’s ‘people-centric’ approach has been hugely influential. According to his protege ... Continue reading
Economic Theory
I can only assume that Netflix is bidding for rights to Brexit: The Saga. You might as well download the past 48 hours’ worth of news coverage, upload to the streaming site, and advertise it as how Breaking Bad would have unfolded if set in Westminster instead of New Mexico. The news is pure entertainment. Arguably, that’s ... Continue reading
Labour Market
The Labour Party wishes to restrict the pay of ‘fat cat’ executives. This is a policy which is apparently highly popular with the public, even though it brings no direct benefit - unless you believe schadenfreude adds significantly to people’s welfare. One way Labour plans to curb high pay is to impose a 20 to ... Continue reading
On 13 November, the University College London Debating Society held a debate on the motion “This House believes Socialism is the answer”. The IEA’s Head of Political Economy, Dr Kristian Niemietz, was one of the panellists who spoke (surprise, surprise) against the motion. The article below is a rough transcript of Kristian’s opening remarks. - ... Continue reading
Labour Market
Continued from Part 1.  Those pushing for equality of outcome also fail to acknowledge all-important tradeoffs and unintended consequences of their favoured policies. Unsurprisingly, many who back wide-ranging interventions to ‘fix’ the gender pay gap would also like to increase the size of the welfare state. Yet, as international evidence suggests, this would not be ... Continue reading
Government and Institutions
How has the Royal Mail fared since its privatisation in 2013? As with previous partial privatisations, the government moved a quasi-monopoly industry into the private sector – yet key elements of the former system remain in place. Royal Mail maintains requirements to collect and deliver throughout the UK six days a week – and the ... Continue reading
Labour Market
‘Equal Pay Day’ has passed - thankfully, without the media frenzy which usually attends this non-event. Much of it, I suspect, is down to the stellar work of colleagues like Kate Andrews and others who have so effectively torn apart the shaky logic behind the Fawcett Society’s claims. Readers may be familiar with the Equal ... Continue reading
Housing and Planning
The recent outrage surrounding Roger Scruton represents the latest instalment in the never-dormant culture wars. Scruton’s appointment as the government’s new ‘housing Tsar’ has succeeded in animating the world of Political Twitter and its strange inhabitants. Once again, Left and Right, conservative and liberal, are doing battle over yet another - largely symbolic - government ... Continue reading
Labour Market
November 10 this year was Equal Pay Day, the day of the year when the Fawcett Society claims “women effectively stop earning relative to men” – a claim which is, to put it politely, complete twaddle. Let’s remind ourselves what the Gender Pay Gap (GPG) is, and more importantly, what it isn’t. According to the ... Continue reading