Economic Theory
We are living in a new era of 'Nudge'. Over the past decade, a growing number of academics and policymakers have made the moral case for the state to use its coercive power to steer our choices towards what they believe best - provided we retain the ability to opt out of the specified choice ... Continue reading
Economic Theory
The old joke “Why did the chicken cross the road?” (“To get to the other side”) might have come out of some readers’ Christmas crackers. In fact, there is a serious point to that joke. The chicken can know of no higher purpose. There was no ultimate end: it just crossed the road to get ... Continue reading
Economic Theory
December 24, 2018 Dear (Saint) Nicholas, Thank you once again for your peer review of my latest work, The Road to Krampus. I found your comments illuminating, although I suspect few will require editorial changes. To refresh our memories, the core narrative of the paper is how some of the North Pole’s apparently well-intended ‘Social ... Continue reading

Mark Littlewood writes for The Times

Mark Littlewood, Director General at the Institute of Economic Affairs has written for The Times Business on the impact of the current political climate on the economy. The accepted wisdom is that uncertainty and unpredictability in the arena of politics are highly deleterious to the economy. The reasoning goes that if businesses don’t have some ... Continue reading
Economic Theory
Venezuelamania is well and truly over. Like so many other examples before it, the country has entered the unthankful not-REAL-socialism stage. And yet, Britain’s remaining Chavistas, such as Chris Williamson, Ken Livingstone and George Galloway, are doubling down. They have convinced themselves that Venezuela’s crisis has nothing to do with socialism, and everything to do ... Continue reading

Professor Philip Booth writes for CapX

Philip Booth, Senior Academic Fellow at the Institute of Economic Affairs,  has written an article for CapX on the moral case for free markets. Good policy depends on a well-informed population. The contribution of business to the formation of the intellectual climate is important. Businesses have a social responsibility to ensure that they do not ... Continue reading
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
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