Research

IEA releases primer on capitalism

Summary:  It is hard to find a book that explains, simply and fairly, what capitalism is, how it works, and its strengths and weaknesses. The very word capitalism was coined as a term of abuse. And still today, most books on the subject remain hostile to capitalism, or paint a distorted, confused picture of it. ... Continue reading
Research

UK regulatory autonomy, recognition, and a productive economy

Summary:  Withdrawal from the EU must mean regulatory autonomy for the United Kingdom – sovereignty over its regulations. This reflects the democratic mandate of the 2016 referendum and the 2017 manifesto commitments of the Conservative and Labour Parties, and will propel growth and competition in the economy. It is also necessary for the UK to ... Continue reading

Hold the birthday cheers: poor NHS performance costing lives

Summary:  2018 marks the 70th birthday of the UK National Health Service – an institution which commands an unparalleled trust and reverence from the British people.1 Yet, to many casual onlookers, the Health Service appears to be in a perpetual state of “crisis”. To some extent, this is borne out by the available data on ... Continue reading
Research

Estimating the size and potential of the UK Cannabis Market

Summary:  This report aims to provide estimates of: (a) the size and value of the UK’s illicit cannabis market in 2016/17 (b) the size and value of the market if cannabis were legalised and regulated (c) the annual tax revenue that a legal cannabis market would yield Our best estimate suggests that 255 tonnes of ... Continue reading
Economic Affairs
Subscribe to Economic Affairs CONTENTS: INTRODUCTION (page 165) JUSTIFICATIONS FOR REDISTRIBUTION: A CRITIQUE (Pages: 166-184) by Roland Vaubel IS UNIVERSAL SERVICE JUSTIFIED BY THE PUBLIC INTEREST? FROM THE EARLY DAYS TO THE DIGITAL AGE (Pages: 185-196) by Dmitrii Trubnikov Ekaterina Trubnikova ELECTRONIC CURRENCY IN AFRICA: M‐PESA AS PRIVATE INSIDE MONEY (Pages: 197-206) by Malavika Nair ... Continue reading

Shadow Monetary Policy Committee vote on rate raise in June

In its June 2018 e-mail poll, the Shadow Monetary Policy Committee (SMPC) elected, by a vote of Seven to Two, to raise rates in June. One member voted for an immediate rise of 0.5%. Six favoured a 0.25% rise. Two favoured holding rates. Advocates of raising rates acknowledged that monetary growth has recently been weak ... Continue reading
Research

Brexit provides opportunity to slimline costly regulation of insurance market

Summary:  The extent of regulation of insurance companies has grown significantly in recent decades. The ‘freedom with publicity’ regime which defined the regulatory approach from 1870 to 1970 appeared to work and ran with the grain of the market. Arguments that are given today for prudential regulation of insurers tend to be spurious or not ... Continue reading

UK must initiate negotiations with the EU as soon as possible

The timing and sequencing of trade negotiations is a subject that does not command much attention from commentators.  Yet, many of the substantive discussions are in danger of becoming academic if this issue is not better understood. By contrast, the EU has shown a much stronger mastery of how the timing can be used to ... Continue reading
Research

Clamping down on offshore financial centres would not raise tax revenue

Summary:  Offshore financial centres (OFCs) are alleged to be hotbeds of tax evasion. Their role in facilitating individual and corporate tax planning, which is entirely legal but politically controversial, has also come under the spotlight. However, OFCs play an important economic function. By mitigating instances of double and triple taxation, offshore centres raise aggregate investment. ... Continue reading
Research

IEA releases Brexit briefing on the case for 'MaxFac'

Summary: Of the three current options for UK''s future customs arrangements with the EU, 'MaxFac' has the best chance of making the most of the opportunities created by Brexit. MaxFac isn’t something completely new: it simply means agreeing to keep customs arrangements as streamlined as possible. What’s more, the systems and technologies for MaxFac already exist ... Continue reading