Economic Theory
Rolling Stones lead guitarist Keith Richards was once asked by an interviewer whether he ever got bored with some of the old Rolling Stones songs. (I can’t get no) Satisfaction, for example, was first released in 1965, but the Stones are still playing it today. Far from it, Richards replied. A song isn’t finished just ... Continue reading
Economic Affairs
Subscribe to Economic Affairs Contents: Introduction (page 1-2) Can economic multilateralism survive? (pages 3-24) by Jean Pisani-Ferry Prospects for an ordoliberal reform of the European Union (pages 28-34) by Jurgen Wandel How to draft ‘good’ minutes of monetary policy decisions (pages 44-64) by Jan Fredrik Qvigstad Sir Thomas More's Utopia: An overlooked economic classic (pages ... Continue reading
The Institute of Economic Affairs does many things, but is primarily an educational charity focusing on explaining to the public how markets can work to benefit society. Part of this mission is met by our outreach work with students. Part is by our organisation of public events, private events with key decision-makers, evidence to government ... Continue reading

A review of 'Socialism: The failed idea that never dies'

Economist and City AM columnist Paul Ormerod has written a review of the IEA's latest book 'Socialism: The failed idea that never dies', written by our Head of Political Economy Kristian Niemietz. "Compare the US and the Soviet Union, East and West Germany, North and South Korea, India and China under different forms of socialism ... Continue reading
Economic Theory
Last week I blogged about the way in which regulation may exacerbate pay gaps between different ethnic groups, using the example of taxi regulation in London. Another example is regulation of restaurants and (especially) takeaway outlets. A glance at any high street will suggest that some minority ethnic groups (especially those of Bangladeshi and Chinese ... Continue reading
Economic Theory
It is still early days, but so far, I’m quite pleased with the feedback I’m getting for my book “Socialism: The Failed Idea That Never Dies”. If I had to categorise the responses, the breakdown would – very roughly – look about as follows: ≈50%     “Who funds you?” or some variation thereof (which is an ... Continue reading
Economic Theory
…continued from Part 2. Stave 4: The Ghost of Socialism Yet to Come Owen woke up again, to the sound of classical music coming from the kitchen. He got up, and went to see what was going on there. It was the old man, who had announced the ghosts a few hours earlier. “You again”, ... Continue reading
Economic Theory
…continued from Part 1 The room went dark. When the lights went back on again, the room had changed. People were much less formally dressed. The men had longer hair. Some of them sported beards. The demographic composition of the audience had changed as well. It was more diverse. Less male, and less white. Judging ... Continue reading
Economic Theory
Stave 1: Hayek’s Ghost At a university debating society event, 2013 “The reason why previous, nominally socialist projects failed…” Owen paused for a moment, for effect, his gaze wandering from the seats on the left to the seats on the right. The audience was eating out of his hand. “…was that their leaders tried to ... Continue reading

IEA releases new, comprehensive book on socialism

Today the Institute of Economic Affairs unveils a new book from our Head of Political Economy Dr Kristian Niemietz: ‘Socialism: the failed idea that never dies’. This one-of-a-kind, comprehensive book systematically charts the rise and fall of some of the most prolific socialist experiments in history – from the Soviet Union and Maoist China, to ... Continue reading