The publication of Carl Menger’s book Principles of Economics in Vienna in 1871 is usually seen as the birth of the Austrian School of Economics. But the focus of Janek Wasserman’s book The Marginal Revolutionaries. How Austrian Economists fought the War of Ideas lies elsewhere. He points out that it is debatable whether Menger’s book ... Continue reading
Was it really only last Monday that the ‘rule of six’ came into force? From tomorrow, pubs and restaurants will be table service only and have to close by 10pm. Retail staff will have to wear masks. Tentative efforts to get a few fans back into sports stadia have been cancelled. Perhaps the most charitable ... Continue reading
Let’s imagine that England plays against South Africa as part of the 6 Nations Rugby tournament. The match takes place on a rainy day. England wins 24 against 20. South African rugby players file a complaint against the result, which they perceive to be biased because English players are more used to train and play ... Continue reading
COVID-19 has caused huge disruptions to global trade and supply chains, both directly and indirectly (as a result of policy responses: lockdowns, social distancing measures etc). While some supply chains have recovered or adapted, others are yet to find ways of overcoming the pandemic. Many products we consume in our daily lives are the end-product ... Continue reading
In August 1989, Poland’s parliament did the unthinkable. The Soviet satellite state elected an anti-communist as its new prime minister. The world waited with bated breath to see what would happen next. And then it happened: nothing. When no Soviet tanks deployed to Poland to crush the rebels, political movements in other nations—first Hungary, followed ... Continue reading
On 15 September 2020, the Adam Smith Institute hosted a webinar on rationing in healthcare during the pandemic. One of the panellists was the IEA’s Kristian Niemietz. The article below is based on his opening remarks.   If we want to know which countries are coping well with the pandemic, and which ones are struggling, ... Continue reading
Last week, the Fraser Institute, a Canadian think tank, released the 24th edition of its annual Economic Freedom of the World (EFW) report. The publication found that global economic freedom in 2018 (the most recent year data is available) reached an all-time high. Although the United Kingdom's score has steadily declined since its high in 2000 and ... Continue reading
The hit to the UK economy and the public finances from the pandemic and the persistent weakness of both investment and productivity have underlined the importance of finding policies that promote growth. Could engineering a substantial fall in the exchange rate be part of the solution?   YES – says John Mills Why does the ... Continue reading
If, like me, you celebrated the downfall of the useless, bossy quango Public Health England, you may be unable to shake the fear that it is a pyrrhic victory. Its replacement, the National Institute for Health Protection, might make a better stab at tackling the next viral outbreak, but there is a danger that PHE’s ... Continue reading
The coronavirus pandemic has shone a light on the plight of low-paid workers, with a focus on low pay and insecure conditions that they face. The major policy lever for addressing this has for the last two decades been the national minimum wage system. The government has pledged to raise the National Living Wage (NLW) ... Continue reading