Commenting on the GDP data published today by the ONS, Julian Jessop, Economics Fellow at free market think tank the Institute of Economic Affairs, said: "The growth of just 0.1 per cent in the UK economy in October suggests that the recovery was already stalling, even before the scare over the Omicron variant. The latest ... Continue reading
The Index of Economic Freedom, which is compiled every year by the Heritage Foundation, shows that the most capitalist countries have an average per capita GDP of $71,576. That compares with $47,706 for the world’s “predominantly free” countries. At the other end of the scale, the “mostly unfree” and the “repressed” countries have a per ... Continue reading
Economic Theory
As recently as 1981, 88 percent of the Chinese population was living in extreme poverty; today it is less than one percent. How was this possible? Never in the history of the world have so many hundreds of millions of people risen from abject poverty to the middle class in such a short time. China’s ... Continue reading
Economic Theory
In The Common Sense of Science, the Polish-British mathematician Jacob Bronowski wrote that, “at the basis of human thought lies the judgment of what is like and what is unlike.” Unfortunately, public policies often mistakenly treat people that are unlike in crucial ways as if they are alike, or those who are alike in crucial ... Continue reading

IEA research referenced in The Telegraph

In his article for the Telegraph on capitalism's ability to encourage innovation and prosperity, Marc Sidwell referenced the research paper, 'Left-Turn Ahead', by the IEA Head of Political Economy Kristian Niemietz. This claims that two-thirds of young people would favour a socialist system. Marc uses the report to illustrate the need for pro-capitalist thinkers to ... Continue reading
The Government is so large and complicated that we generally have to trust that what they are telling us about their finances is accurate.  In most areas of the Government’s finances, this is probably the case.  We have the scrutiny of the House of Commons’ Public Accounts Committee, along with the Office of Budget Responsibility ... Continue reading
As the head of the Catholic Church, Pope Francis is an esteemed faith leader and global religious icon. But an expert in one field does not make an expert in another—and the Pope’s understanding of economics leaves a lot to be desired, if his latest remarks are anything to go by. Pope Francis recently made ... Continue reading
Economic Theory
The economist Carl Menger claimed in 1891 that “in every conflict of interest between the rich and poor, the strong and weak, Smith sides without exception with the latter.” Menger’s claim has been vindicated by recent research. Adam Smith’s advocacy of the interests of the poor is of a piece with his advocacy of what ... Continue reading
Commenting on the speech, Dr Kristian Niemietz, Head of Political Economy at free market think tank the Institute of Economic Affairs, said: "Keir Starmer's speech was dominated by signals that he is different from his predecessor – both in what he said, and even more so in what he did not say. "He distanced himself ... Continue reading
Economic Theory

Alexander Hammond writes for CapX

In an article for CapX, IEA Policy Analyst and Director of the Initiative for African Trade and Prosperity, Alexander Hammond, cited new research released by the Fraser Institute, in conjunction with the IEA, which ranks the level of economic freedom for 165 nations. The UK ranks 12th, up one position from last year. Alexander argues ... Continue reading