Economic Theory

Shanker Singham features on NPR

Shanker Singham, Director of the International Trade and Competition Unit at the Institute of Economic Affairs, featured in an article by NPR on foreign interest in the midterm elections. Shanker said; "There may be a narrow window here where actually — contrary to sort of received wisdom — a strong Trump administration is actually very much in ... Continue reading
Economic Theory
…continued from Part 1 My IEA paper “The Mirage of Democratic Socialism: An Alternative History” describes a hypothetical socialist state, which tries, and fails, to reinvent itself. It starts with bold reform measures, but in the end, it ends up once again pretty much where it started. Some of my socialist detractors on social media ... Continue reading
Economic Theory
Two out of five people under the age of 35 have a positive opinion of socialism. Two out of five (presumably largely the same people) also agree with the statement that “communism could have worked if it had been better executed”. My IEA paper ‘The Mirage of Democratic Socialism: An Alternative History’, published about two ... Continue reading
Economic Theory
Continued from part 1 (here).  In 1789 France was a rural country with 55% of the population dependent directly or indirectly on agriculture. That industry, however, was backward in both tools and techniques – much of it was stuck in routines. Unlike many other countries in Europe, for example, France was slow to adopt the ... Continue reading
Economic Theory
The ‘success’ of the French Revolution has typically divided historians. Yet when invited to comment on the bicentenary of the French Revolution, Margaret Thatcher had no such qualms: “Human rights didn’t begin in 1789”, she remarked, recalling that these had already been part of the English Constitution for a century when the French Revolution broke ... Continue reading
Economic Theory
Across the political spectrum, support is growing for the idea of a Universal Basic Income (UBI) - broadly defined as an unconditional payment from the state to its citizens, regardless of their wealth, employment or marital status. Yet UBI ‘divides the crowd’, often triggering strong and visceral reactions. For many, government funding to stimulate entrepreneurship ... Continue reading
Economic Theory

Kate Andrews writes for CityAM

In her weekly column, Kate Andrews extols the consumer benefit of price wars. This comes in the wake of Tesco's launch of Jack's, a low-cost competitor to Aldi and Lidl. The entrance into the market of a new competitor, and the downward impact on prices it will cause, provides a strong justification of the virtues ... Continue reading
When Ash Sarker of Novara Media declared “I’m literally a Communist, you idiot” in a now-immortal exchange with ITV host Piers Morgan, her remarks spawned op-eds, memes and even T-shirts, hawked for 20 quid a pop by the "literal" capitalists at... Novara Media. It’s easy to laugh. Sarker is clearly an extreme case, whose views ... Continue reading
Economic Theory

Madeline Grant writes for BBC Capital

Madeline Grant writes for BBC Capital on why we never seem to cut our losses. Published as part of BBC Capital's series The Psychology of Spending, Madeline outlines how this phenomenon is well known within economics as the sunk cost fallacy and is part of our lives in far more ways than we know: "A ... Continue reading
Economic Theory

Kristien Niemetz writes for CapX

Writing in CapX, Kristien Niemetz considers a new form of egalitarianism that has emerged from the Brexit debate - Bregalitarianism. The Bregalitarian loves to wallow in faux-indignation every time an opponent – which can be a Remainer, but it can also just be a more cautious, less enthusiastic Brexiteer – mentions the possibility that not ... Continue reading