Inflation: the warning signs are there

13 September 2021

Economic Theory

Inflation: the warning signs are there

Philip Booth

13 September 2021

There seems to be a shortage of everything. Hauliers cannot recruit truck drivers; care homes cannot recruit enough care staff; … Continue reading “Inflation: the warning signs are there”

Let universities go bankrupt

9 September 2021

Education

Let universities go bankrupt

Philip Booth

9 September 2021

Governments want many contradictory things. They desire high levels of government spending but not high levels of taxation. They want … Continue reading “Let universities go bankrupt”

Road pricing: good economics – and not even bad politics

6 September 2021

Economic Theory

Road pricing: good economics – and not even bad politics

Philip Booth

6 September 2021

If you ever talk to a civil servant, or even an MP, who knows something about economics, they are often … Continue reading “Road pricing: good economics – and not even bad politics”

Fossil fuel divestment: a moral imperative?

6 August 2021

Energy and Environment

Fossil fuel divestment: a moral imperative?

Philip Booth

6 August 2021

The starting position for this article is that anthropogenic climate change is a serious risk and that individual, institutional and … Continue reading “Fossil fuel divestment: a moral imperative?”

Note to academics: disagree with economic liberalism all you want, but quit the straw-manning

23 April 2021

Economic Theory

Note to academics: disagree with economic liberalism all you want, but quit the straw-manning

Philip Booth

23 April 2021

Why are academics so fond of misrepresenting economic liberalism? Take the recent New Statesman article co-written by Adrian Pabst, a highly respected political … Continue reading “Note to academics: disagree with economic liberalism all you want, but quit the straw-manning”

Competition and co-operation – a Catholic perspective

14 April 2021

Economic Theory

Competition and co-operation – a Catholic perspective

Philip Booth

14 April 2021

If you ask most people – perhaps Christians especially – what the opposite of competition is, they will suggest it … Continue reading “Competition and co-operation – a Catholic perspective”

Globalisation and inequality – a good news story

17 March 2021

Trade, Development, and Immigration

Globalisation and inequality – a good news story

Philip Booth

17 March 2021

This short “economics explainer” looks at the how the pattern of global income distribution has changed in the modern era … Continue reading “Globalisation and inequality – a good news story”

No salvation in fiscal policy

5 March 2021

Tax and Fiscal Policy

No salvation in fiscal policy

Philip Booth

5 March 2021

Earlier this week, I ended a presentation to sixth-formers by commenting that nobody would want to be Rishi Sunak. Of … Continue reading “No salvation in fiscal policy”

The financial sector: unpopular but useful

17 February 2021

Economic Theory

The financial sector: unpopular but useful

Philip Booth

17 February 2021

In many ways we take the financial sector for granted. We tend to assume that we would be more prosperous … Continue reading “The financial sector: unpopular but useful”

Where property rights are insecure, it is the poor who suffer most

4 January 2021

Society and Culture

Where property rights are insecure, it is the poor who suffer most

Philip Booth

4 January 2021

The top: Singapore, Hong Kong, New Zealand, Finland, UK, Holland, Sweden, Canada. The bottom: Venezuela, Haiti, Turkmenistan, Somalia, North Korea, … Continue reading “Where property rights are insecure, it is the poor who suffer most”

An open letter to John Penrose MP on the Competition and Markets Authority

11 December 2020

Regulation

An open letter to John Penrose MP on the Competition and Markets Authority

Philip Booth

11 December 2020

Dear John, Competition policy currently has an undue emphasis on private business and impediments to competition arising from the activities … Continue reading “An open letter to John Penrose MP on the Competition and Markets Authority”

Windfall taxes are no free lunch

24 November 2020

Tax and Fiscal Policy

Windfall taxes are no free lunch

Philip Booth

24 November 2020

It is no wonder the electorate supports a windfall tax to try to deal with the costs of the pandemic. … Continue reading “Windfall taxes are no free lunch”

We should expunge the term “public service broadcasting”

16 November 2020

Economic Theory

We should expunge the term “public service broadcasting”

Philip Booth

16 November 2020

The Government has appointed a panel to review the future of public service broadcasting. We can be wholly confident that … Continue reading “We should expunge the term “public service broadcasting””

Is Pope Francis’s new encyclical an attack on capitalism?

19 October 2020

Markets and Morality

Is Pope Francis’s new encyclical an attack on capitalism?

Philip Booth

19 October 2020

According to much of the journalistic commentary, Pope Francis has recently issued an encyclical on economics. Reuters, the New York … Continue reading “Is Pope Francis’s new encyclical an attack on capitalism?”

There is neither an economic nor a cultural case for a compulsory TV licence fee

2 September 2020

Economic Theory

There is neither an economic nor a cultural case for a compulsory TV licence fee

Philip Booth

2 September 2020

The BBC has come under severe criticism recently for the way in which some of its senior figures seem to … Continue reading “There is neither an economic nor a cultural case for a compulsory TV licence fee”

California’s wealth tax won’t work – the UK shouldn’t copy it

25 August 2020

Tax and Fiscal Policy

California’s wealth tax won’t work – the UK shouldn’t copy it

Philip Booth

25 August 2020

There is no doubt that California is in a big fiscal hole. It relies heavily on income taxes from wealthy … Continue reading “California’s wealth tax won’t work – the UK shouldn’t copy it”

Can government debt be justified? Distributive justice, intergenerational equity and Catholic social teaching

21 July 2020

Economic Theory

Can government debt be justified? Distributive justice, intergenerational equity and Catholic social teaching

Philip Booth

21 July 2020

Interestingly, Pope Francis has talked about distributive justice in an intergenerational context in relation to climate change. The argument is … Continue reading “Can government debt be justified? Distributive justice, intergenerational equity and Catholic social teaching”

Liberalising planning rules would help the economy adjust to changing business patterns

14 July 2020

Regulation

Liberalising planning rules would help the economy adjust to changing business patterns

Philip Booth

14 July 2020

Milton Friedman once said that “Only government can take perfectly good paper, cover it with perfectly good ink and make … Continue reading “Liberalising planning rules would help the economy adjust to changing business patterns”

After Corona, we need less FDR, and more Erhard

7 July 2020

Economic Theory

After Corona, we need less FDR, and more Erhard

Philip Booth

7 July 2020

In the run-up to his big speech, all the talk was of the Prime Minister promising a ‘Rooseveltian’ New Deal … Continue reading “After Corona, we need less FDR, and more Erhard”

Let’s roll back auto-enrolment

30 June 2020

Labour Market

Let’s roll back auto-enrolment

Philip Booth

30 June 2020

Pension auto-enrolment was one of the early significant policies arising from the government’s “nudge unit”. The argument was that employees … Continue reading “Let’s roll back auto-enrolment”

Pope Francis and a Universal Basic Income

18 June 2020

Welfare

Pope Francis and a Universal Basic Income

Philip Booth

18 June 2020

In a recent letter, Pope Francis suggested that we consider the provision of a “universal basic wage”. Published on Easter … Continue reading “Pope Francis and a Universal Basic Income”

The Church, property rights and the environment

21 May 2020

Energy and Environment

The Church, property rights and the environment

Philip Booth

21 May 2020

Bishop Robert Byrne of Hexham and Newcastle described Laudato Si, published five years ago next week, as a “prophetic document … Continue reading “The Church, property rights and the environment”

How should we pay for all this extra government spending?

2 April 2020

Tax and Fiscal Policy

How should we pay for all this extra government spending?

Philip Booth

2 April 2020

Every pillar of a free society is under threat during the current pandemic. To avoid bad long-term economic outcomes and … Continue reading “How should we pay for all this extra government spending?”

Five decades on from Populorum Progressio, have we achieved one world?

19 March 2020

Trade, Development, and Immigration

Five decades on from Populorum Progressio, have we achieved one world?

Philip Booth

19 March 2020

At this time of the rapid spread of coronavirus we can, of course, easily see one the downsides of globalisation. However, globalisation has … Continue reading “Five decades on from Populorum Progressio, have we achieved one world?”

If we want to be green, trains should be taxed and not subsidised

10 January 2020

Energy and Environment

If we want to be green, trains should be taxed and not subsidised

Philip Booth

10 January 2020

The argument made by many such as George Monbiot that the protection of the environment requires the destruction of capitalism … Continue reading “If we want to be green, trains should be taxed and not subsidised”

Is protectionism making a comeback? (Part 2)

19 November 2019

Trade, Development, and Immigration

Is protectionism making a comeback? (Part 2)

Philip Booth

19 November 2019

…continued from Part 1   Regulatory barriers to trade The increase in regulatory barriers to trade started following the financial … Continue reading “Is protectionism making a comeback? (Part 2)”

Is protectionism making a comeback? (Part 1)

18 November 2019

Trade, Development, and Immigration

Is protectionism making a comeback? (Part 1)

Philip Booth

18 November 2019

There is no shortage of analysis, and certainly no shortage of polemic, on whether globalisation is a good thing. There … Continue reading “Is protectionism making a comeback? (Part 1)”

The Thunberg phenomenon, Extinction Rebellion, and the denial of trade-offs

3 October 2019

Economic Theory

The Thunberg phenomenon, Extinction Rebellion, and the denial of trade-offs

Philip Booth

3 October 2019

When it comes to environmental problems in general and global warming in particular, I empathise with those who take the … Continue reading “The Thunberg phenomenon, Extinction Rebellion, and the denial of trade-offs”

Let’s end the government monopoly of regulation

19 July 2019

Regulation

Let’s end the government monopoly of regulation

Philip Booth

19 July 2019

Is there any end to the growth of government financial regulation? What good does it do? Does the endless quest … Continue reading “Let’s end the government monopoly of regulation”

Scrap the free TV licence – and scrap the TV licence

17 June 2019

Welfare

Scrap the free TV licence – and scrap the TV licence

Philip Booth

17 June 2019

On Question Time last week, the issue of the restriction of television licences to over-75s was raised. Nobody spoke in … Continue reading “Scrap the free TV licence – and scrap the TV licence”

Solving the Scottish currency conundrum

11 June 2019

Economic Theory

Solving the Scottish currency conundrum

Philip Booth

11 June 2019

Nicola Sturgeon, leader of the Scottish National Party (SNP), has declared that there will be a second independence referendum by … Continue reading “Solving the Scottish currency conundrum”

Why there should be no such thing as “public service broadcasting”

22 May 2019

Economic Theory

Why there should be no such thing as “public service broadcasting”

Philip Booth

22 May 2019

Public service broadcasting should be removed from the public policy lexicon and the BBC should be privatised – though not … Continue reading “Why there should be no such thing as “public service broadcasting””

Market forces are the best way to successfully integrate health and social care, says new IEA report

15 May 2019

Healthcare

Market forces are the best way to successfully integrate health and social care, says new IEA report

Philip Booth

15 May 2019

IEA report encourages more competition in health & social care systems

Competition and markets should be introduced into the UK’s health and social care systems to find the best ways of … Continue reading “Market forces are the best way to successfully integrate health and social care, says new IEA report”

Tax measures discriminate against private landlords

7 May 2019

Tax and Fiscal Policy

Tax measures discriminate against private landlords

Philip Booth

7 May 2019

Private-rented property is a favoured whipping boy of this government as it becomes subject to no end of increased regulation … Continue reading “Tax measures discriminate against private landlords”

The pitfalls of ethnic pay gaps

3 April 2019

The pitfalls of ethnic pay gaps

Philip Booth

3 April 2019

British Prime Minister Theresa May is obsessed with measuring pay gaps between social groups. She championed the requirement for companies … Continue reading “The pitfalls of ethnic pay gaps”

On regulation and centralisation, the UK’s record is no better than the EU’s

26 February 2019

Government and Institutions

On regulation and centralisation, the UK’s record is no better than the EU’s

Philip Booth

26 February 2019

Those who voted for Brexit in the 2016 referendum on Britain’s membership of the EU rightly complained about the centralised … Continue reading “On regulation and centralisation, the UK’s record is no better than the EU’s”

The road to increased carbon emissions is paved with good intentions

28 January 2019

Energy and Environment

The road to increased carbon emissions is paved with good intentions

Philip Booth

28 January 2019

Christian antipathy towards Donald Trump in the hierarchy of the established church is easy to comprehend, although, given Democratic policies … Continue reading “The road to increased carbon emissions is paved with good intentions”

Making the case for free markets is too important to be derailed by Brexit

3 January 2019

Economic Theory

Making the case for free markets is too important to be derailed by Brexit

Philip Booth

3 January 2019

The old joke “Why did the chicken cross the road?” (“To get to the other side”) might have come out … Continue reading “Making the case for free markets is too important to be derailed by Brexit”

Lessons from the Gilets Jaunes

26 December 2018

Labour Market

Lessons from the Gilets Jaunes

Philip Booth

26 December 2018

The rise of the gilets jaunes rioters in France took many people by surprise. President Emmanuel Macron has caved in to the rioters’ demands and offered other … Continue reading “Lessons from the Gilets Jaunes”

Oh what a wonderful world!

20 December 2018

Society and Culture

Oh what a wonderful world!

Philip Booth

20 December 2018

There is a danger that anything a Christian writes about Christmas for an economics blog will be a heresy or … Continue reading “Oh what a wonderful world!”

It’s time to champion capitalism’s extraordinary successes

7 December 2018

Markets and Morality

It’s time to champion capitalism’s extraordinary successes

Philip Booth

7 December 2018

The two economists Hayek and Keynes agreed on one thing. They both believed that ideas and the climate of opinion … Continue reading “It’s time to champion capitalism’s extraordinary successes”

Must financial regulation always come from the state?

14 November 2018

Markets and Morality

Must financial regulation always come from the state?

Philip Booth

14 November 2018

Despite the fact that there is little evidence for this proposition, it is widely held that deregulation of financial markets … Continue reading “Must financial regulation always come from the state?”

PFI’s defeat stems from poor government provision – not market failure

3 November 2018

Government and Institutions

PFI’s defeat stems from poor government provision – not market failure

Philip Booth

3 November 2018

Philip Hammond’s decision in this week’s budget to abandon the Private Finance Initiative has been regarded by some commentators as … Continue reading “PFI’s defeat stems from poor government provision – not market failure”

Reclaiming social justice from the redistributionists

15 October 2018

Markets and Morality

Reclaiming social justice from the redistributionists

Philip Booth

15 October 2018

It seems that everybody wants more social justice. If you Google the term, you get 714,000,000 responses. The most commonly-read … Continue reading “Reclaiming social justice from the redistributionists”

In praise of the EU migration and employment “customs union”

24 September 2018

Government and Institutions

In praise of the EU migration and employment “customs union”

Philip Booth

24 September 2018

In many ways the EU acts like a customs union when it comes to migration that leads to employment. It … Continue reading “In praise of the EU migration and employment “customs union””

Central planning for housing has failed. Let us give the market a try.

23 August 2018

Housing and Planning

Central planning for housing has failed. Let us give the market a try.

Philip Booth

23 August 2018

How many blind alleys will the Conservative Party’s policy advisers have to go down before they hit upon the only … Continue reading “Central planning for housing has failed. Let us give the market a try.”

There are reams of EU insurance regulation ripe for scrapping post-Brexit

15 June 2018

Regulation

There are reams of EU insurance regulation ripe for scrapping post-Brexit

Philip Booth

15 June 2018

Before the UK joined the European Union, we had a stable and vibrant financial sector which had always been one … Continue reading “There are reams of EU insurance regulation ripe for scrapping post-Brexit”

A Catholic take on cryptocurrencies

1 June 2018

Economic Theory

A Catholic take on cryptocurrencies

Philip Booth

1 June 2018

Plenty of theologians and Christian leaders have become animated by the temptations of money. According to St Paul, the love … Continue reading “A Catholic take on cryptocurrencies”

The best Vatican document on economics for some time

25 May 2018

Markets and Morality

The best Vatican document on economics for some time

Philip Booth

25 May 2018

The Vatican recently issued a letter on economic and financial matters. Quite unlike many recent communications on those issues, it … Continue reading “The best Vatican document on economics for some time”

The case against a Universal Basic Income (UBI)

22 May 2018

Economic Theory

The case against a Universal Basic Income (UBI)

Philip Booth

22 May 2018

There is strong support for the idea of a universal basic income (UBI) right across the political spectrum. Advocates include … Continue reading “The case against a Universal Basic Income (UBI)”

No – automation will not make Marx ‘relevant again’

26 April 2018

Economic Theory

No – automation will not make Marx ‘relevant again’

Philip Booth

26 April 2018

The governor of the Bank of England, Mark Carney, recently hit the headlines for his predictions of what might happen … Continue reading “No – automation will not make Marx ‘relevant again’”

Britain’s housing crisis: a self-inflicted tragedy

16 March 2018

Housing and Planning

Britain’s housing crisis: a self-inflicted tragedy

Philip Booth

16 March 2018

When reflecting on an important passage in Pope Benedict XVI’s encyclical, Deus Caritas Est (published on Christmas Day 2005), the … Continue reading “Britain’s housing crisis: a self-inflicted tragedy”

It is fashionable to attack the financial sector. It is also ignorant

2 March 2018

Economic Theory

It is fashionable to attack the financial sector. It is also ignorant

Philip Booth

2 March 2018

Attacks on the financial sector are commonplace. The Pope, the Archbishop of Canterbury, and Jeremy Corbyn have all been critical … Continue reading “It is fashionable to attack the financial sector. It is also ignorant”

Free trade should empower consumers – not the lawyers who write trade agreements

1 March 2018

Economic Theory

Free trade should empower consumers – not the lawyers who write trade agreements

Philip Booth

1 March 2018

The extent to which we have become regulatory junkies in this country is alarming. Indeed, one reason why I voted … Continue reading “Free trade should empower consumers – not the lawyers who write trade agreements”

Pope Francis condemns usury – but what is it?

28 February 2018

Markets and Morality

Pope Francis condemns usury – but what is it?

Philip Booth

28 February 2018

Pope Francis recently spoke to an Italian anti-usury group to condemn the practice of “usury,” calling for an end to exploitation and … Continue reading “Pope Francis condemns usury – but what is it?”

Yes, China has liberalised a lot after Mao. But it is still very far from a role model

19 February 2018

Markets and Morality

Yes, China has liberalised a lot after Mao. But it is still very far from a role model

Philip Booth

19 February 2018

Bishop Marcelo Sorondo is Chancellor of the Pontifical Academy of Social Sciences, so we should sit up and take notice … Continue reading “Yes, China has liberalised a lot after Mao. But it is still very far from a role model”

Let’s have less PFI – by reducing the scope of the state

2 February 2018

Economic Theory

Let’s have less PFI – by reducing the scope of the state

Philip Booth

2 February 2018

In the UK, a furore has broken out over the failure of a company called Carillion. The focus of the … Continue reading “Let’s have less PFI – by reducing the scope of the state”

The economics, and ethics, of Bitcoin

2 January 2018

Economic Theory

The economics, and ethics, of Bitcoin

Philip Booth

2 January 2018

There is much talk of a “Bitcoin bubble.” However, it is not clear that the idea of digital currencies is … Continue reading “The economics, and ethics, of Bitcoin”

Brexit staged right – an interview with Roger Bootle

29 November 2017

Economic Theory

Brexit staged right – an interview with Roger Bootle

Philip Booth

29 November 2017

Philip Booth: You are a strong supporter of Brexit. What for you is the clinching economic argument? Roger Bootle: I … Continue reading “Brexit staged right – an interview with Roger Bootle”

Sins of omission: the problem with the Budget was what was NOT in it

27 November 2017

Housing and Planning

Sins of omission: the problem with the Budget was what was NOT in it

Philip Booth

27 November 2017

The annual Budget is regarded as a grandstand event in the UK parliamentary year. This reflects our centralised political system. … Continue reading “Sins of omission: the problem with the Budget was what was NOT in it”

Outraged about Offshore Financial Centres? You shouldn’t be.

24 November 2017

Government and Institutions

Outraged about Offshore Financial Centres? You shouldn’t be.

Philip Booth

24 November 2017

The Church’s attitude towards globalisation has become somewhat ambivalent in recent years – if not a little hostile. This seems … Continue reading “Outraged about Offshore Financial Centres? You shouldn’t be.”

Believe it or not, global inequality is falling

13 November 2017

Government and Institutions

Believe it or not, global inequality is falling

Philip Booth

13 November 2017

Twice in the last seven days, Pope Francis has made major statements about the economy. Most recently he referred to … Continue reading “Believe it or not, global inequality is falling”

Catholic social teaching should confront the regulatory state

1 November 2017

Economic Theory

Catholic social teaching should confront the regulatory state

Philip Booth

1 November 2017

There is no shortage of debate within Catholic social teaching about the extent to which markets should be regulated by … Continue reading “Catholic social teaching should confront the regulatory state”

High housing costs are the single biggest driver of poverty in the UK

2 October 2017

Government and Institutions

High housing costs are the single biggest driver of poverty in the UK

Philip Booth

2 October 2017

Pope Francis likes to talk about how we have created an “economy of exclusion.” For example, in his apostolic exhortation Evangelii … Continue reading “High housing costs are the single biggest driver of poverty in the UK”

Public choice economics: how the left is trying to have its cake and eat it

19 September 2017

Economic Theory

Public choice economics: how the left is trying to have its cake and eat it

Philip Booth

19 September 2017

The left has a problem with public choice economics. The basis of public choice economics is that we should not … Continue reading “Public choice economics: how the left is trying to have its cake and eat it”

Our university system is becoming more competitive. Don’t write it off just yet

15 September 2017

Education

Our university system is becoming more competitive. Don’t write it off just yet

Philip Booth

15 September 2017

As we approach the beginning of university terms, it appears that nobody is happy with the current system of financing … Continue reading “Our university system is becoming more competitive. Don’t write it off just yet”

Archbishop Welby’s economic argument doesn’t add up

13 September 2017

Energy and Environment

Archbishop Welby’s economic argument doesn’t add up

Philip Booth

13 September 2017

Archbishop Justin Welby recently wrote an article in the Financial Times on the back of a report by left-of-centre think tank IPPR, … Continue reading “Archbishop Welby’s economic argument doesn’t add up”

Poverty and inequality: Separating fact from fiction

23 August 2017

Government and Institutions

Poverty and inequality: Separating fact from fiction

Philip Booth

23 August 2017

Before reading this article, I would like you to ask yourself, “Have poverty and inequality in the world increased, decreased, or … Continue reading “Poverty and inequality: Separating fact from fiction”

Will free trade help the environment after Brexit?

3 August 2017

Energy and Environment

Will free trade help the environment after Brexit?

Philip Booth

3 August 2017

Many people believe that Brexit will be bad for the environment. The EU has major responsibilities in this policy area, … Continue reading “Will free trade help the environment after Brexit?”

Economists – know your limits!

17 July 2017

Economic Theory

Economists – know your limits!

Philip Booth

17 July 2017

It is important for any expert to know their limits. It could be argued that economists ‘oversell’ themselves and pretend … Continue reading “Economists – know your limits!”

Social care crisis: can Catholic teaching help?

26 May 2017

Society and Culture

Social care crisis: can Catholic teaching help?

Philip Booth

26 May 2017

According to Catholic social teaching, the answer to the question “who should look after granny (or grandpa)?” is “the family”. … Continue reading “Social care crisis: can Catholic teaching help?”

Over-regulation risks killing financial innovation at birth

16 May 2017

Economic Theory

Over-regulation risks killing financial innovation at birth

Philip Booth

16 May 2017

This is an election where the likely outcome is “no change”. There will be no change to the government in … Continue reading “Over-regulation risks killing financial innovation at birth”

A response to the Pope’s attack on libertarianism

8 May 2017

Government and Institutions

A response to the Pope’s attack on libertarianism

Philip Booth

8 May 2017

Late last month, the Pope went on the attack against libertarians. Many supporters of a free economy from lots of … Continue reading “A response to the Pope’s attack on libertarianism”

Economists need to look beyond their fancy models, and study transaction costs

10 April 2017

Economic Theory

Economists need to look beyond their fancy models, and study transaction costs

Philip Booth

10 April 2017

If you were to ask an economist why financial institutions or food retailers exist, I wonder if the answer would … Continue reading “Economists need to look beyond their fancy models, and study transaction costs”

Hayek was not a conservative. But conservatives should be Hayekians

3 April 2017

Economic Theory

Hayek was not a conservative. But conservatives should be Hayekians

Philip Booth

3 April 2017

Hayek famously wrote that he was not a conservative. But, 25 years after his death, that does not mean he … Continue reading “Hayek was not a conservative. But conservatives should be Hayekians”

The Threat of economic nationalism – the debate within Catholic Social Teaching

31 March 2017

Economic Theory

The Threat of economic nationalism – the debate within Catholic Social Teaching

Philip Booth

31 March 2017

The following talk was given at Pontificia Universita Lateranse on 28th March at the launch of the Italian edition of … Continue reading “The Threat of economic nationalism – the debate within Catholic Social Teaching”

Budget 2017: An IEA Briefing

6 March 2017

Research

Budget 2017: An IEA Briefing

Philip Booth

6 March 2017

Executive Summary: When applied to investments in company shares, capital gains tax is generally a double tax because it taxes … Continue reading “Budget 2017: An IEA Briefing”

The trouble with economic ‘experts’ is their exaggerated faith in spurious mathematical sophistication

3 March 2017

Economic Theory

The trouble with economic ‘experts’ is their exaggerated faith in spurious mathematical sophistication

Philip Booth

3 March 2017

Famously, Michael Gove attacked experts in the EU referendum campaign. And, of course, the experts have fought back, leading Gove … Continue reading “The trouble with economic ‘experts’ is their exaggerated faith in spurious mathematical sophistication”

Most environmental problems are really just tragedy-of-the-commons problems. Private property rights are the answer

23 February 2017

Economic Theory

Most environmental problems are really just tragedy-of-the-commons problems. Private property rights are the answer

Philip Booth

23 February 2017

There is a strong case to be made that the most important pre-requisite for a sustainable environment is a society … Continue reading “Most environmental problems are really just tragedy-of-the-commons problems. Private property rights are the answer”

It’s time for diversity (in the unfashionable sense) at the Bank of England

15 February 2017

Government and Institutions

It’s time for diversity (in the unfashionable sense) at the Bank of England

Philip Booth

15 February 2017

The financial crash knocked some of the stuffing out of the economics profession, though you wouldn’t know it given the … Continue reading “It’s time for diversity (in the unfashionable sense) at the Bank of England”

Cafod is right(-ish) on unilateral free trade – if for the wrong reason

14 February 2017

Markets and Morality

Cafod is right(-ish) on unilateral free trade – if for the wrong reason

Philip Booth

14 February 2017

The universal Church has not always been a strong supporter of globalisation and certainly not of free trade. In 1967, … Continue reading “Cafod is right(-ish) on unilateral free trade – if for the wrong reason”

Britain can lead the world in free trade – by keeping trade deals simple

6 February 2017

Regulation

Britain can lead the world in free trade – by keeping trade deals simple

Philip Booth

6 February 2017

In some ways, the Brexit referendum settled a long-running question. However, it has also raised more profound issues that this … Continue reading “Britain can lead the world in free trade – by keeping trade deals simple”

The West’s demographic crisis

18 January 2017

Healthcare

The West’s demographic crisis

Philip Booth

18 January 2017

It is difficult to exaggerate the scale of the population crisis in the West. In previous times in economic history, … Continue reading “The West’s demographic crisis”

Behavioural economics – a critique of its policy conclusions

4 January 2017

Economic Theory

Behavioural economics – a critique of its policy conclusions

Philip Booth

4 January 2017

This post is an abridged version of a commentary on a 2016 Beesley Lecture. Behavioural economics is not a challenge … Continue reading “Behavioural economics – a critique of its policy conclusions”

The nexus of economic freedom and religious freedom

9 December 2016

Markets and Morality

The nexus of economic freedom and religious freedom

Philip Booth

9 December 2016

One reason Donald Trump was able to put together a coalition big enough to get him elected as president was … Continue reading “The nexus of economic freedom and religious freedom”

Those who benefit from new infrastructure should pay for it

8 December 2016

Government and Institutions

Those who benefit from new infrastructure should pay for it

Philip Booth

8 December 2016

To many people’s relief, there were not many big ideas in Philip Hammond’s Autumn Statement last month. In so far … Continue reading “Those who benefit from new infrastructure should pay for it”

Hammond should end the discrimination against families in the tax and benefits system

22 November 2016

Society and Culture

Hammond should end the discrimination against families in the tax and benefits system

Philip Booth

22 November 2016

Every now and again we have a radical government that changes the way things are done. Lots of governments try … Continue reading “Hammond should end the discrimination against families in the tax and benefits system”

Road pricing: to build the infrastructure we really need without government borrowing

31 October 2016

Economic Theory

Road pricing: to build the infrastructure we really need without government borrowing

Philip Booth

31 October 2016

It is odds on that Philip Hammond will announce in the Autumn Statement that government spending constraints will be relaxed … Continue reading “Road pricing: to build the infrastructure we really need without government borrowing”

Economic freedom and economic harmony

21 October 2016

Markets and Morality

Economic freedom and economic harmony

Philip Booth

21 October 2016

In a free society, people participate in economic exchange and civil society freely, without interference as long as they do … Continue reading “Economic freedom and economic harmony”

You want ‘the good that government can do’? You’ll get the bad as well

14 October 2016

Government and Institutions

You want ‘the good that government can do’? You’ll get the bad as well

Philip Booth

14 October 2016

On Conservative Home, Paul Goodman defended Theresa May’s defence of the state as the entity that does good. When the … Continue reading “You want ‘the good that government can do’? You’ll get the bad as well”

Hammond ditches the good bits, and keeps the bad bits of ‘Osbornomics’

3 October 2016

Tax and Fiscal Policy

Hammond ditches the good bits, and keeps the bad bits of ‘Osbornomics’

Philip Booth

3 October 2016

Pragmatism was the order of the day at Conservative Party conference today – especially from the Chancellor of the Exchequer, … Continue reading “Hammond ditches the good bits, and keeps the bad bits of ‘Osbornomics’”

Europe’s demographic timebomb

16 September 2016

Healthcare

Europe’s demographic timebomb

Philip Booth

16 September 2016

This article is based on a presentation Prof Booth gave at the Autumn University of the Alliance of European Conservatives … Continue reading “Europe’s demographic timebomb”

Two fallacies around Hinkley Point

15 September 2016

Economic Theory

Two fallacies around Hinkley Point

Philip Booth

15 September 2016

It looks as if Hinkley Point will now be given the green light. Astonishingly, the government has found a way … Continue reading “Two fallacies around Hinkley Point”

Policy implications of Catholic social teaching

18 August 2016

Markets and Morality

Policy implications of Catholic social teaching

Philip Booth

18 August 2016

For British politics to be genuinely influenced by Catholic social teaching, several things would need to change. First, there is … Continue reading “Policy implications of Catholic social teaching”

A post-Brexit alternative to the Common Fisheries Policy

15 August 2016

Economic Theory

A post-Brexit alternative to the Common Fisheries Policy

Philip Booth

15 August 2016

For the first time in 40 years, the UK will shortly have control of fishing policy. We can, at last, … Continue reading “A post-Brexit alternative to the Common Fisheries Policy”

Should the government control the curriculum?

4 July 2016

Education

Should the government control the curriculum?

Philip Booth

4 July 2016

This article is based on a presentation by Prof Booth at the Benedictus Forum, June 2016. I have been asked … Continue reading “Should the government control the curriculum?”

The referendum’s over. Now let’s concentrate on free-market reform

25 June 2016

Government and Institutions

The referendum’s over. Now let’s concentrate on free-market reform

Philip Booth

25 June 2016

When you read this column, the result of the referendum on Britain’s EU membership will be known. Whatever the outcome, … Continue reading “The referendum’s over. Now let’s concentrate on free-market reform”

EU referendum: the Catholic case for sitting on the fence

23 June 2016

Government and Institutions

EU referendum: the Catholic case for sitting on the fence

Philip Booth

23 June 2016

There is a strong Catholic attachment to the European Union. This is especially so in countries where the faith seems … Continue reading “EU referendum: the Catholic case for sitting on the fence”

Morality, taxation and coercion

15 June 2016

Markets and Morality

Morality, taxation and coercion

Philip Booth

15 June 2016

It is often argued that taxation to promote the position of the poor is somehow a moral act on behalf of those that are better off and paying taxes to finance the transfers to those who are worse off. It is not.

Finance and the common good

2 June 2016

Markets and Morality

Finance and the common good

Philip Booth

2 June 2016

On 12 May, Together for the Common Good hosted a debate between Prof Philip Booth and Maurice Glasman at St. … Continue reading “Finance and the common good”

In defence of tax havens

10 May 2016

Tax and Fiscal Policy

In defence of tax havens

Philip Booth

10 May 2016

Yesterday, 355 economists signed a letter co-ordinated by Oxfam arguing that tax havens have “no useful purpose”. There are some … Continue reading “In defence of tax havens”

Simon Jenkins is wrong. Non-transferable concert tickets are perfectly legitimate

21 April 2016

Society and Culture

Simon Jenkins is wrong. Non-transferable concert tickets are perfectly legitimate

Philip Booth

21 April 2016

The government is currently considering responses to a submission on whether it should take action on ticket touts. We do … Continue reading “Simon Jenkins is wrong. Non-transferable concert tickets are perfectly legitimate”

Costly EU regulation has not made financial services safer or better – but Brexit is no silver bullet

19 April 2016

Government and Institutions

Costly EU regulation has not made financial services safer or better – but Brexit is no silver bullet

Philip Booth

19 April 2016

The City is split when it comes to Brexit. Certainly, the larger City institutions with significant EU business tend to … Continue reading “Costly EU regulation has not made financial services safer or better – but Brexit is no silver bullet”

Brussels or London – which is the lesser of two evils?

6 April 2016

Government and Institutions

Brussels or London – which is the lesser of two evils?

Philip Booth

6 April 2016

Benjamin Wrench recently wrote a paper titled Risk and Reward: why the EU separates risk from reward and what this means … Continue reading “Brussels or London – which is the lesser of two evils?”

There are few things in positive economics that are settled – except that there are few things that are settled

22 March 2016

Economic Theory

There are few things in positive economics that are settled – except that there are few things that are settled

Philip Booth

22 March 2016

Mariana Mazzucato is a well-known Professor of the Economics of Innovation at the University of Sussex. She advises the Labour … Continue reading “There are few things in positive economics that are settled – except that there are few things that are settled”

The higher rate of income tax and fiscal drag

21 March 2016

Tax and Fiscal Policy

The higher rate of income tax and fiscal drag

Philip Booth

21 March 2016

I have nothing to say either in support of or in opposition to the resignation of Iain Duncan Smith. There … Continue reading “The higher rate of income tax and fiscal drag”

Remain needs a positive vision of what the EU could look like in 30 years’ time

9 March 2016

Government and Institutions

Remain needs a positive vision of what the EU could look like in 30 years’ time

Philip Booth

9 March 2016

So far, the Brexit debate has hardly been inspiring. The Remain side has struggled to come out with facts that resonate … Continue reading “Remain needs a positive vision of what the EU could look like in 30 years’ time”

It’s markets that make society stronger – not the state

4 February 2016

Economic Theory

It’s markets that make society stronger – not the state

Philip Booth

4 February 2016

Before the financial crash of 2008, it was common for Conservatives to say: “the 1980s was when we put the … Continue reading “It’s markets that make society stronger – not the state”

Why TfL running London trains is actually a terrible idea for the capital

22 January 2016

Transport

Why TfL running London trains is actually a terrible idea for the capital

Philip Booth

22 January 2016

Whenever something does not work properly, we demand a “fat controller” to sort it out – especially when it comes … Continue reading “Why TfL running London trains is actually a terrible idea for the capital”

End the strikes by privatising the Tube

25 January 2016

Transport

End the strikes by privatising the Tube

Philip Booth

25 January 2016

Recently, Ian King, in The Times, highlighted the lunacy of Transport for London’s statement about profits from London Underground: “We … Continue reading “End the strikes by privatising the Tube”

A vicious circle of state intervention is taking Britain’s energy markets back to the 1970s

5 January 2016

Energy and Environment

A vicious circle of state intervention is taking Britain’s energy markets back to the 1970s

Philip Booth

5 January 2016

Whether you are a green activist or a poverty campaigner, energy policy under the Thatcher-Major-Blair governments was a striking success. … Continue reading “A vicious circle of state intervention is taking Britain’s energy markets back to the 1970s”

Book review: Philipp Bagus’ “In Defense of Deflation”

15 December 2015

Economic Theory

Book review: Philipp Bagus’ “In Defense of Deflation”

Philip Booth

15 December 2015

The world often seems to be scared of deflation and, arguably, this creates an asymmetric bias towards inflation. For example, … Continue reading “Book review: Philipp Bagus’ “In Defense of Deflation””

Food prices: financial speculation is a red herring

18 December 2015

Markets and Morality

Food prices: financial speculation is a red herring

Philip Booth

18 December 2015

Pope Francis has frequently described the present global financial system as an “economy that kills”. He often specifically criticises speculation … Continue reading “Food prices: financial speculation is a red herring”

The collateral damage of The Good Right’s phoney war

8 December 2015

Markets and Morality

The collateral damage of The Good Right’s phoney war

Philip Booth

8 December 2015

The Good Right’s Good Press Tim Montgomerie’s “The Good Right” certainly gets a good press. Like, for example, the fair … Continue reading “The collateral damage of The Good Right’s phoney war”

What would a Brexit mean for the UK’s financial system?

5 November 2015

Monetary Policy

What would a Brexit mean for the UK’s financial system?

Philip Booth

5 November 2015

Supra-national authorities, such as the EU, should do two things. They should restrain governments from over-stepping their natural authority. Second, … Continue reading “What would a Brexit mean for the UK’s financial system?”

Federal Britain: The case for decentralisation

4 November 2015

Research

Federal Britain: The case for decentralisation

Philip Booth

4 November 2015

“English votes for English laws” no solution to problems caused by devolution

To purchase a copy of Federal Britain: The case for decentralisation at £10.00 each, click here. For orders of five or … Continue reading “Federal Britain: The case for decentralisation”

Healthcare should never be ‘national’ – still less nationalised

4 November 2015

Healthcare

Healthcare should never be ‘national’ – still less nationalised

Philip Booth

4 November 2015

From 4th to 7th October 2015, the IEA co-hosted the Think Tent event series at the Conservative Party conference in … Continue reading “Healthcare should never be ‘national’ – still less nationalised”

It’s time to imagine life beyond the state

29 October 2015

Economic Theory

It’s time to imagine life beyond the state

Philip Booth

29 October 2015

One of the most dangerous myths that pervades the political debate today is the idea that “neo-liberalism”, as the left … Continue reading “It’s time to imagine life beyond the state”

EU/OECD plans to tackle ‘profit shifting’ will just increase complexity

26 October 2015

Tax and Fiscal Policy

EU/OECD plans to tackle ‘profit shifting’ will just increase complexity

Philip Booth

26 October 2015

The corporate tax system is currently under attack from the EU and the OECD. In principle, this is not a … Continue reading “EU/OECD plans to tackle ‘profit shifting’ will just increase complexity”

Morgan’s is a very materialistic feminism

8 October 2015

Economic Theory

Morgan’s is a very materialistic feminism

Philip Booth

8 October 2015

Nicky Morgan wrote an article on Conservative Home a week ago which revealed the true colours of modern feminism. The … Continue reading “Morgan’s is a very materialistic feminism”

The proto-Corbyn years of the 1970s were awful

5 October 2015

Economic Theory

The proto-Corbyn years of the 1970s were awful

Philip Booth

5 October 2015

During the late 1990s and early 2000s, think tanks such as the IEA had a difficult time. We were told … Continue reading “The proto-Corbyn years of the 1970s were awful”

Double trouble – how the population crisis will bring about an economic crisis

28 September 2015

Markets and Morality

Double trouble – how the population crisis will bring about an economic crisis

Philip Booth

28 September 2015

Most developed countries have set up systems of welfare that depend on population growth to sustain them. Unfortunately, we are … Continue reading “Double trouble – how the population crisis will bring about an economic crisis”

Is the EU constitutionally flawed?

23 September 2015

Government and Institutions

Is the EU constitutionally flawed?

Philip Booth

23 September 2015

It is well-known that Churchill supported the concept of a union of nations on continental Europe. Less well-known is the fact that F. … Continue reading “Is the EU constitutionally flawed?”

Why railway renationalisation must be sent to the sidings

21 September 2015

Transport

Why railway renationalisation must be sent to the sidings

Philip Booth

21 September 2015

Yesterday, in support of renationalising the operation of trains, Hilary Benn argued that the East Coast mainline was run perfectly … Continue reading “Why railway renationalisation must be sent to the sidings”

Is the UK turning into a tax haven?

7 September 2015

Tax and Fiscal Policy

Is the UK turning into a tax haven?

Philip Booth

7 September 2015

A tax haven levies certain taxes at a zero or very low rate and combines this with limited information flows … Continue reading “Is the UK turning into a tax haven?”

VAT at airports – flying in the face of economic analysis

12 August 2015

Transport

VAT at airports – flying in the face of economic analysis

Philip Booth

12 August 2015

When the current government is not regulating prices by imposing floors, such as the minimum wage, it is regulating prices … Continue reading “VAT at airports – flying in the face of economic analysis”

How the Eurozone could survive without building a European super state

21 July 2015

Government and Institutions

How the Eurozone could survive without building a European super state

Philip Booth

21 July 2015

When the euro was adopted, British sceptics argued that it was impossible to have a single currency without a single … Continue reading “How the Eurozone could survive without building a European super state”

Iain Martin is wrong on the living wage

15 July 2015

Economic Theory

Iain Martin is wrong on the living wage

Philip Booth

15 July 2015

Iain Martin argues not just that George Osborne was right to raise the minimum wage but that: “It must feel good to … Continue reading “Iain Martin is wrong on the living wage”

The systemic risk of international financial regulation (Part 2)

1 July 2015

Regulation

The systemic risk of international financial regulation (Part 2)

Philip Booth

1 July 2015

In Part 1 of this post, I looked at the way international financial regulation encouraged complexity and regulatory capture. In … Continue reading “The systemic risk of international financial regulation (Part 2)”

The systemic risk of international financial regulation (Part 1)

24 June 2015

Regulation

The systemic risk of international financial regulation (Part 1)

Philip Booth

24 June 2015

In the last 30 years there has been a huge movement towards the internationalisation of financial regulation. This manifests itself … Continue reading “The systemic risk of international financial regulation (Part 1)”

Property rights and the environment – a response to Pope Francis’ encyclical

19 June 2015

Housing and Planning

Property rights and the environment – a response to Pope Francis’ encyclical

Philip Booth

19 June 2015

Pope Francis’ encyclical, ‘Laudato si’, is an important contribution to the theology and morality of the earth’s ecology in the … Continue reading “Property rights and the environment – a response to Pope Francis’ encyclical”

Closed-minded economists

15 June 2015

Economic Theory

Closed-minded economists

Philip Booth

15 June 2015

On 12th June, the Guardian published a letter from 79 economists, including David Blanchflower, Thomas Piketty, Mariana Mazzucato and Ha-Joon … Continue reading “Closed-minded economists”

Why businesses don’t need “corporate social responsibility” to be ethical

2 June 2015

Economic Theory

Why businesses don’t need “corporate social responsibility” to be ethical

Philip Booth

2 June 2015

Would anybody ever be brave enough to oppose “corporate social responsibility” (CSR)? Certainly, it is a good marketing strapline. And CSR proponents … Continue reading “Why businesses don’t need “corporate social responsibility” to be ethical”

The risks of lifting the minimum wage

28 May 2015

Labour Market

The risks of lifting the minimum wage

Philip Booth

28 May 2015

In a recent article on CapX, Adam Memon made the case for the minimum wage to be increased to the … Continue reading “The risks of lifting the minimum wage”

Thatcher started the regulatory tide

26 May 2015

Regulation

Thatcher started the regulatory tide

Philip Booth

26 May 2015

There is no shortage of commentators who blame Mrs Thatcher’s supposed deregulation of the City for the crash of 2008. … Continue reading “Thatcher started the regulatory tide”

Thatcher: the Myth of Deregulation

25 May 2015

Research

Thatcher: the Myth of Deregulation

Philip Booth

25 May 2015

New report debunks the idea that Thatcher deregulated financial services

Summary: It is commonly believed that, during the 1980s, Margaret Thatcher presided over a substantial reduction in government regulation of … Continue reading “Thatcher: the Myth of Deregulation”

Where is Krugman the economist?

30 April 2015

Economic Theory

Where is Krugman the economist?

Philip Booth

30 April 2015

What is striking about Paul Krugman’s recent article in the Guardian criticising the British ‘austerity culture’ is the complete lack … Continue reading “Where is Krugman the economist?”

It’s politicians, not prices, that need to be controlled

21 April 2015

Economic Theory

It’s politicians, not prices, that need to be controlled

Philip Booth

21 April 2015

Perhaps there is one thing worse than somebody who knows the price of everything and the value of nothing – … Continue reading “It’s politicians, not prices, that need to be controlled”

Cheer up! We’ve never had it so good – at least until population decline sets in

16 April 2015

Energy and Environment

Cheer up! We’ve never had it so good – at least until population decline sets in

Philip Booth

16 April 2015

We are frequently given quite pessimistic assessments of the environment and of the world economy through Vatican documents, lectures and … Continue reading “Cheer up! We’ve never had it so good – at least until population decline sets in”

It’s healthcare, not the NHS that matters

13 April 2015

Healthcare

It’s healthcare, not the NHS that matters

Philip Booth

13 April 2015

The Catholic Bishops’ General Election advice called on Catholics to support a “robust National Health Service on which we can … Continue reading “It’s healthcare, not the NHS that matters”

Low rates and flat taxes – why are we avoiding tax reform?

10 April 2015

Tax and Fiscal Policy

Low rates and flat taxes – why are we avoiding tax reform?

Philip Booth

10 April 2015

We have a tax system that is badly designed in principle and far too complex in practice. It is completely … Continue reading “Low rates and flat taxes – why are we avoiding tax reform?”

The case for a family-friendly tax system

31 March 2015

Tax and Fiscal Policy

The case for a family-friendly tax system

Philip Booth

31 March 2015

The Christian group Care has regularly published a report on the taxation of families in Britain and other developed countries. Its last … Continue reading “The case for a family-friendly tax system”

Why Tory plans to reform Inheritance Tax will make a bad system even worse

18 March 2015

Tax and Fiscal Policy

Why Tory plans to reform Inheritance Tax will make a bad system even worse

Philip Booth

18 March 2015

Whenever we approach a General Election or Budget, the competition for the daftest tax policy idea is always intense. The … Continue reading “Why Tory plans to reform Inheritance Tax will make a bad system even worse”

The Green interview – failed on style, but what about the substance?

27 February 2015

Housing and Planning

The Green interview – failed on style, but what about the substance?

Philip Booth

27 February 2015

The Greens have a radical policy agenda which would, if implemented, probably involve a huge transfer of power from the … Continue reading “The Green interview – failed on style, but what about the substance?”

Practical solutions to poverty (and inequality) – and why Oxfam refuses to consider them

19 February 2015

Economic Theory

Practical solutions to poverty (and inequality) – and why Oxfam refuses to consider them

Philip Booth

19 February 2015

In response to an article for The Tablet on Oxfam’s wealth inequality figures, Mr Fuentes-Nieva, Head of Research at Oxfam, … Continue reading “Practical solutions to poverty (and inequality) – and why Oxfam refuses to consider them”

Should the state support the arts?

13 February 2015

Tax and Fiscal Policy

Should the state support the arts?

Philip Booth

13 February 2015

Those who wish to cut government arts funding are often branded ‘philistines’. But there is a difference between appreciating the … Continue reading “Should the state support the arts?”

Oxfam’s figures are as meaningless as its extrapolations are misleading

29 January 2015

Trade, Development, and Immigration

Oxfam’s figures are as meaningless as its extrapolations are misleading

Philip Booth

29 January 2015

In recent months the global elite, including the Catholic head of the Bank of England Mark Carney, have joined Pope … Continue reading “Oxfam’s figures are as meaningless as its extrapolations are misleading”

Deflating the over-inflated anti-deflation balloon

15 January 2015

Monetary Policy

Deflating the over-inflated anti-deflation balloon

Philip Booth

15 January 2015

With the news that inflation has fallen to 0.5 per cent there are “fears” that we might be about to … Continue reading “Deflating the over-inflated anti-deflation balloon”

Pricing roads – why are we waiting?

9 January 2015

Transport

Pricing roads – why are we waiting?

Philip Booth

9 January 2015

There are not many things that economists are agreed upon. However, to slightly corrupt a quip attributed to George Bernard … Continue reading “Pricing roads – why are we waiting?”

Britain needs Multinational Monday – not yet more arbitrary tax hikes

9 December 2014

Tax and Fiscal Policy

Britain needs Multinational Monday – not yet more arbitrary tax hikes

Philip Booth

9 December 2014

Britain has just celebrated ‘Small Business Saturday’. Perhaps yesterday should have been declared ‘Multinational Monday’. Multinationals are often the engine … Continue reading “Britain needs Multinational Monday – not yet more arbitrary tax hikes”

Welfare reform as a moral imperative

8 December 2014

Welfare

Welfare reform as a moral imperative

Philip Booth

8 December 2014

Interventions by Christian clergy in welfare debates are commonplace. Indeed Cardinal Nichols argued this year in an interview for The … Continue reading “Welfare reform as a moral imperative”

The Autumn Statement: ‘Sit down, shut up! Sit down, shut up!…’

3 December 2014

Tax and Fiscal Policy

The Autumn Statement: ‘Sit down, shut up! Sit down, shut up!…’

Philip Booth

3 December 2014

It is often suggested that the House of Commons is rather like a football ground and, if I had been … Continue reading “The Autumn Statement: ‘Sit down, shut up! Sit down, shut up!…’”

An interview with Alvin Rabushka

28 November 2014

Tax and Fiscal Policy

An interview with Alvin Rabushka

Philip Booth

28 November 2014

Alvin Rabushka is often described as the father of the flat tax. His work inspired the adoption of flat-tax systems … Continue reading “An interview with Alvin Rabushka”

UK energy policy – when the left hand doesn’t know what the far left hand is doing

12 November 2014

Tax and Fiscal Policy

UK energy policy – when the left hand doesn’t know what the far left hand is doing

Philip Booth

12 November 2014

It has long been one of my personal gripes that the UK spends a large amount of money on energy … Continue reading “UK energy policy – when the left hand doesn’t know what the far left hand is doing”

Is there a solution to the debt timebomb?

5 November 2014

Healthcare

Is there a solution to the debt timebomb?

Philip Booth

5 November 2014

A great deal of IEA work corroborates studies produced by the government in suggesting that we have a huge implicit … Continue reading “Is there a solution to the debt timebomb?”

A cardinal’s error on poverty and the free market

7 October 2014

Trade, Development, and Immigration

A cardinal’s error on poverty and the free market

Philip Booth

7 October 2014

There is a time and a place for ‘sloganeering’ – the use of casual phrases to communicate complex messages. In … Continue reading “A cardinal’s error on poverty and the free market”

Pensioner power

2 October 2014

Welfare

Pensioner power

Philip Booth

2 October 2014

George Osborne’s conference speech earlier this week brought back memories of a paper that was published by the IEA back … Continue reading “Pensioner power”

Cameron’s monumental error – the pursuit of the mediocre as the enemy of the perfect

19 September 2014

Tax and Fiscal Policy

Cameron’s monumental error – the pursuit of the mediocre as the enemy of the perfect

Philip Booth

19 September 2014

In denying the Scots the option of devo-max, David Cameron made arguably the most monumental mistake of any recent premiership. … Continue reading “Cameron’s monumental error – the pursuit of the mediocre as the enemy of the perfect”

Nick Clegg, equality of opportunity and totalitarianism

3 September 2014

Education

Nick Clegg, equality of opportunity and totalitarianism

Philip Booth

3 September 2014

It is often argued by proponents of free markets – especially within the Conservative Party – that we should not … Continue reading “Nick Clegg, equality of opportunity and totalitarianism”

We could do worse – follow Germany

19 August 2014

Government and Institutions

We could do worse – follow Germany

Philip Booth

19 August 2014

For the last five years, politicians of all shades have been banging on about how we should adopt this or … Continue reading “We could do worse – follow Germany”

Does inequality matter?

8 August 2014

Welfare

Does inequality matter?

Philip Booth

8 August 2014

To me, reducing poverty matters very much. That is why I believe in a market economy. However, I am entirely … Continue reading “Does inequality matter?”

Flat earth economics and the ‘Tesco tax’

1 August 2014

Tax and Fiscal Policy

Flat earth economics and the ‘Tesco tax’

Philip Booth

1 August 2014

In the last week or two there have been calls for taxes on large supermarkets such as Tesco. Twenty local … Continue reading “Flat earth economics and the ‘Tesco tax’”

Forget fancy schemes – government borrowing is holding back UK exporters

31 July 2014

Government and Institutions

Forget fancy schemes – government borrowing is holding back UK exporters

Philip Booth

31 July 2014

There is no shortage of concern about the UK’s large balance of payments deficit. Many in the government are trying … Continue reading “Forget fancy schemes – government borrowing is holding back UK exporters”

Why is Piketty so certain about things which are probably completely wrong?

10 July 2014

Economic Theory

Why is Piketty so certain about things which are probably completely wrong?

Philip Booth

10 July 2014

Scott Sumner produced an excellent blog post on Piketty recently. It begins by quoting Piketty: ‘In my view, there is … Continue reading “Why is Piketty so certain about things which are probably completely wrong?”

Straw Mammon: An essay on ‘Mammon’s Kingdom’ by David Marquand

7 July 2014

Markets and Morality

Straw Mammon: An essay on ‘Mammon’s Kingdom’ by David Marquand

Philip Booth

7 July 2014

This book[1] has some interesting conclusions. Like all work in political economy, they are debatable. What is unique about this … Continue reading “Straw Mammon: An essay on ‘Mammon’s Kingdom’ by David Marquand”

The business of government is not business

23 June 2014

Economic Theory

The business of government is not business

Philip Booth

23 June 2014

We seem to think that there is something special about manufacturing. Perhaps it is because its products are tangible. George … Continue reading “The business of government is not business”

Big businesses – voice or choice?

20 June 2014

Regulation

Big businesses – voice or choice?

Philip Booth

20 June 2014

There is no shortage of those on both sides of the political spectrum queuing up to excoriate big business. The … Continue reading “Big businesses – voice or choice?”

UK mega pensions aren’t a bad idea – if government can resist destroying them

4 June 2014

Welfare

UK mega pensions aren’t a bad idea – if government can resist destroying them

Philip Booth

4 June 2014

In the Queen’s Speech today, the government is likely to give the go-ahead for large pension schemes along Dutch lines. … Continue reading “UK mega pensions aren’t a bad idea – if government can resist destroying them”

Social but not socialist – Catholic social teaching

23 May 2014

Markets and Morality

Social but not socialist – Catholic social teaching

Philip Booth

23 May 2014

While the income of a minority is increasing exponentially, that of the majority is crumbling. – Pope Francis We, as … Continue reading “Social but not socialist – Catholic social teaching”

How the poverty figures stack up

22 May 2014

Trade, Development, and Immigration

How the poverty figures stack up

Philip Booth

22 May 2014

Yesterday, Catholic Archbishop George Stack made some remarks about poverty which, like so many remarks made by bishops on the … Continue reading “How the poverty figures stack up”

Unpicking Piketty on pensions

18 May 2014

Welfare

Unpicking Piketty on pensions

Philip Booth

18 May 2014

According to columnists on the left, Thomas Piketty’s new book, Capital in the Twenty-First Century, has not been adequately answered … Continue reading “Unpicking Piketty on pensions”

Do markets fail?

15 May 2014

Economic Theory

Do markets fail?

Philip Booth

15 May 2014

If somebody were to start an engineering textbook by saying that the maximum theoretical speed of a perfect car was … Continue reading “Do markets fail?”

Radically decentralising power to town halls may pay UK growth dividend

12 May 2014

Government and Institutions

Radically decentralising power to town halls may pay UK growth dividend

Philip Booth

12 May 2014

No major political party is interested in a radical decentralisation of power. The Conservatives, in particular, are scarred by their … Continue reading “Radically decentralising power to town halls may pay UK growth dividend”

Financial consumers – not as daft as they look (to regulators)

7 May 2014

Regulation

Financial consumers – not as daft as they look (to regulators)

Philip Booth

7 May 2014

Our financial regulators are not known for their incisive economic analysis, but more for tying up in red tape sectors … Continue reading “Financial consumers – not as daft as they look (to regulators)”

What Brexit would really mean for financial services

1 May 2014

Government and Institutions

What Brexit would really mean for financial services

Philip Booth

1 May 2014

Two fallacies are common in the EU debate. One is the ‘nirvana fallacy’, the idea that, if we leave the … Continue reading “What Brexit would really mean for financial services”

Why equalising tax relief on pensions contributions is a bad idea

7 April 2014

Tax and Fiscal Policy

Why equalising tax relief on pensions contributions is a bad idea

Philip Booth

7 April 2014

A week ago, Mark Hoban, the former Work and Pensions Minister, called for a reform of tax relief on pensions contributions … Continue reading “Why equalising tax relief on pensions contributions is a bad idea”

Don’t just blame energy giants: government is blunting competition

28 March 2014

Don’t just blame energy giants: government is blunting competition

Philip Booth

28 March 2014

It is not entirely unwelcome that the energy industry has been referred to the Competition and Markets Authority (CMA) by … Continue reading “Don’t just blame energy giants: government is blunting competition”

Let the living costs debate be radical

28 February 2014

Let the living costs debate be radical

Philip Booth

28 February 2014

With the election phoney war now under way, it appears that the main issue dividing the parties will be the … Continue reading “Let the living costs debate be radical”

Is it time to bin Basel? Government-led international financial regulation has failed

20 February 2014

Is it time to bin Basel? Government-led international financial regulation has failed

Philip Booth

20 February 2014

After the financial crisis regulators, central bankers and politicians all agreed that we needed more financial regulation. Despite their failings … Continue reading “Is it time to bin Basel? Government-led international financial regulation has failed”

Government is right to question state-funded health care for all

17 February 2014

Government is right to question state-funded health care for all

Philip Booth

17 February 2014

Bishop Pat Lynch is absolutely right to be concerned about whether migrants, asylum-seekers and those in great need will be … Continue reading “Government is right to question state-funded health care for all”

For the sake of our children, stand firm on tax by stealth

14 February 2014

For the sake of our children, stand firm on tax by stealth

Philip Booth

14 February 2014

In the dark days of the 1970s, Labour MPs Jeff Rooker, then aged just 36, and Audrey Wise engineered an … Continue reading “For the sake of our children, stand firm on tax by stealth”

Give Scotland ‘devo max’

6 February 2014

Give Scotland ‘devo max’

Philip Booth

6 February 2014

It is highly likely that the Scottish people will wake up after the votes have been counted in September’s referendum … Continue reading “Give Scotland ‘devo max’”

Nothing good will come of Davos

23 January 2014

Nothing good will come of Davos

Philip Booth

23 January 2014

Those on the left of the political spectrum argue that many of the world’s problems are caused by big business … Continue reading “Nothing good will come of Davos”

Briefing: summarising and signposting essential reading we’ve seen elsewhere

22 January 2014

Briefing: summarising and signposting essential reading we’ve seen elsewhere

Philip Booth

22 January 2014

A preview from the Spring 2014 issue of EA Magazine. Marginal tax rates and income: new time series evidence Karel … Continue reading “Briefing: summarising and signposting essential reading we’ve seen elsewhere”

Memo to Ed Miliband – you cannot regulate your way to competition

17 January 2014

Memo to Ed Miliband – you cannot regulate your way to competition

Philip Booth

17 January 2014

Today Ed Miliband made a speech on policy in UK banking. There is much wrong with that market and important reforms should … Continue reading “Memo to Ed Miliband – you cannot regulate your way to competition”

Competition policy – physician heal thyself

6 January 2014

Competition policy – physician heal thyself

Philip Booth

6 January 2014

Next year, the Office of Fair Trading (OFT) and the former Competition Commission (CC) will be unified. The old joke … Continue reading “Competition policy – physician heal thyself”

Competition policy – physician heal thyself

6 January 2014

Competition policy – physician heal thyself

Philip Booth

6 January 2014

Next year, the Office of Fair Trading (OFT) and the former Competition Commission (CC) will be unified. The old joke … Continue reading “Competition policy – physician heal thyself”

Papal pessimist

23 December 2013

Papal pessimist

Philip Booth

23 December 2013

Pope Francis’s Apostolic exhortation Evangelii Gaudium is a manifesto for evangelisation that challenges every reader at every point in the … Continue reading “Papal pessimist”

Mutuals will stay high street bit players for many Christmases yet

18 December 2013

Mutuals will stay high street bit players for many Christmases yet

Philip Booth

18 December 2013

Mutuals and co-operatives have been promoted as the acceptable side of business by both arms of the coalition. Nick Clegg … Continue reading “Mutuals will stay high street bit players for many Christmases yet”

Has Pope Francis misunderstood the market economy?

9 December 2013

Has Pope Francis misunderstood the market economy?

Philip Booth

9 December 2013

Pope Francis had some dismissive things to say about the market economy and globalisation in his apostolic exhortation. Disappointingly, however, there … Continue reading “Has Pope Francis misunderstood the market economy?”

Ahead of the Autumn Statement George Osborne needs to understand the right type of heterodox economics

29 November 2013

Ahead of the Autumn Statement George Osborne needs to understand the right type of heterodox economics

Philip Booth

29 November 2013

In a recent conference held at the IEA, there was much discussion of the Great Recession. How can we interpret … Continue reading “Ahead of the Autumn Statement George Osborne needs to understand the right type of heterodox economics”

Mathematical economics ≠ free market, heterodox economics should ≠ Marxism

28 November 2013

Mathematical economics ≠ free market, heterodox economics should ≠ Marxism

Philip Booth

28 November 2013

In recent weeks, there has been much fuss created by a group of students – supported it would seem by … Continue reading “Mathematical economics ≠ free market, heterodox economics should ≠ Marxism”

Why privatisation always trumps nationalisation

13 November 2013

Economic Theory

Why privatisation always trumps nationalisation

Philip Booth

13 November 2013

In a recent poll, there was strong support for the renationalisation of both the railways and the energy industry. In … Continue reading “Why privatisation always trumps nationalisation”

Comparing Britain with Romero’s El Salvador is insulting

12 November 2013

Comparing Britain with Romero’s El Salvador is insulting

Philip Booth

12 November 2013

Fr. Timothy Radcliffe gave the high-profile Romero Lecture last week in which he said many good, sensitive and important things … Continue reading “Comparing Britain with Romero’s El Salvador is insulting”

We need more competition – not a full frontal assault on the pensions industry

31 October 2013

We need more competition – not a full frontal assault on the pensions industry

Philip Booth

31 October 2013

Barely a day goes by without a government attack on the private sector. Yesterday saw the publication of a report … Continue reading “We need more competition – not a full frontal assault on the pensions industry”

Far from a return to nationalisation, more liberalisation of energy markets is required

28 October 2013

Far from a return to nationalisation, more liberalisation of energy markets is required

Philip Booth

28 October 2013

The British energy industry has gone from nationalisation to privatisation and back to government control in the space of 25 years. … Continue reading “Far from a return to nationalisation, more liberalisation of energy markets is required”

Are teachers qualified to teach? Is Nick Clegg qualified to call himself a liberal?

21 October 2013

Are teachers qualified to teach? Is Nick Clegg qualified to call himself a liberal?

Philip Booth

21 October 2013

Deputy Prime Minister Nick Clegg has spoken out about the use of non-“Qualified Teachers” in free schools. I am being … Continue reading “Are teachers qualified to teach? Is Nick Clegg qualified to call himself a liberal?”

Planning – killing four birds with one stone

17 October 2013

Planning – killing four birds with one stone

Philip Booth

17 October 2013

It is always pleasing to publish an IEA monograph and find that the subject is being talked about for months … Continue reading “Planning – killing four birds with one stone”

International regulation – institutionalising systemic risk

11 October 2013

International regulation – institutionalising systemic risk

Philip Booth

11 October 2013

I am currently attending a conference on the future of financial regulation being held by the Irish central bank in … Continue reading “International regulation – institutionalising systemic risk”

Why does Pope Francis criticise the malign effects of capitalism on countries that don’t know capitalism?

26 September 2013

Why does Pope Francis criticise the malign effects of capitalism on countries that don’t know capitalism?

Philip Booth

26 September 2013

On Sunday, Pope Francis made unprepared remarks in Sardinia, a part of Italy that has been especially badly hit by … Continue reading “Why does Pope Francis criticise the malign effects of capitalism on countries that don’t know capitalism?”

Artificially limiting rises in house prices will do more harm than good

18 September 2013

Artificially limiting rises in house prices will do more harm than good

Philip Booth

18 September 2013

Economists should be humbled by Friedrich Hayek’s famous plea: “The curious task of economics is to demonstrate to men how … Continue reading “Artificially limiting rises in house prices will do more harm than good”

There’s a threat to growth, despite the recovery

10 September 2013

There’s a threat to growth, despite the recovery

Philip Booth

10 September 2013

George Osborne capitalised on some good economic news in his speech yesterday. He argued that the economy has turned a … Continue reading “There’s a threat to growth, despite the recovery”

An all-round failure to understand education research

2 September 2013

An all-round failure to understand education research

Philip Booth

2 September 2013

Earlier this month, the OECD published some research on all-round education excellence. Specifically, this is the proportion of people who … Continue reading “An all-round failure to understand education research”

Government family policy undermines families

30 August 2013

Government family policy undermines families

Philip Booth

30 August 2013

If Catholic campaigners, charities and politicians were to read the signs of the times in Britain before coming up with … Continue reading “Government family policy undermines families”

There’s no point in a financial services Trip Advisor unless reputation matters

23 August 2013

There’s no point in a financial services Trip Advisor unless reputation matters

Philip Booth

23 August 2013

Once again, a major mis-selling scandal has broken out, with 13 high street banks and credit card issuers facing a £1.3bn … Continue reading “There’s no point in a financial services Trip Advisor unless reputation matters”

10 female Keynesian economists + 10 male Keynesian economists = 20 Keynesian economists

16 August 2013

10 female Keynesian economists + 10 male Keynesian economists = 20 Keynesian economists

Philip Booth

16 August 2013

On becoming governor of the Bank of England, Mark Carney made some statements about women which were somewhat intriguing. He … Continue reading “10 female Keynesian economists + 10 male Keynesian economists = 20 Keynesian economists”

A record needs putting straight – Blanchflower on Radio 5

8 August 2013

A record needs putting straight – Blanchflower on Radio 5

Philip Booth

8 August 2013

Yesterday morning, in response to Mark Carney’s decision to issue forward guidance in relation to the Bank of England’s monetary … Continue reading “A record needs putting straight – Blanchflower on Radio 5”

Calling people – not markets – to account

24 July 2013

Calling people – not markets – to account

Philip Booth

24 July 2013

The Catholic Church has a social teaching because social and economic relationships are human relationships. There is much room for … Continue reading “Calling people – not markets – to account”

Why we’ve launched a prize to find a blueprint for Britain outside the EU

16 July 2013

Why we’ve launched a prize to find a blueprint for Britain outside the EU

Philip Booth

16 July 2013

Within two years of entering the European Economic Community (EEC) in 1973, there was strong public support for Britain’s membership. … Continue reading “Why we’ve launched a prize to find a blueprint for Britain outside the EU”

If only charities and churches could be more reflective about tax

12 July 2013

If only charities and churches could be more reflective about tax

Philip Booth

12 July 2013

The aspect of the tax avoidance debate which most exercises organisations such as Christian Aid is the issue of the … Continue reading “If only charities and churches could be more reflective about tax”

Cameron and Osborne race to the bottom in economic literacy

3 July 2013

Cameron and Osborne race to the bottom in economic literacy

Philip Booth

3 July 2013

Google Cameron global race and you get a depressing 33,000,000 responses. Google Osborne global race and you get a depressing … Continue reading “Cameron and Osborne race to the bottom in economic literacy”

Tax haven hypocrisy

21 June 2013

Tax haven hypocrisy

Philip Booth

21 June 2013

When it comes to the debate on tax avoidance, the coalition seems to struggle in two respects. The first problem … Continue reading “Tax haven hypocrisy”

The welfare commons

10 June 2013

The welfare commons

Philip Booth

10 June 2013

Whenever the left wish to make an argument for their favourite form of government intervention they always use – normally … Continue reading “The welfare commons”

Economic activity in the shadows – why it happens and how it might be prevented

5 June 2013

Economic activity in the shadows – why it happens and how it might be prevented

Philip Booth

5 June 2013

There is remarkably little economic commentary on the shadow economy. This is possibly because, by its nature, it is difficult … Continue reading “Economic activity in the shadows – why it happens and how it might be prevented”

BBC corporation tax horror story!

24 May 2013

BBC corporation tax horror story!

Philip Booth

24 May 2013

Earlier this week, I appeared on Radio 5 to talk about tax avoidance. The news hook was a speech by … Continue reading “BBC corporation tax horror story!”

We shouldn’t take the IMF’s views on the UK too seriously

23 May 2013

We shouldn’t take the IMF’s views on the UK too seriously

Philip Booth

23 May 2013

The opening lines of the press conference presenting the IMF’s report on the UK economy did not bode well. The … Continue reading “We shouldn’t take the IMF’s views on the UK too seriously”

Being out of work harms your health – even if it’s because you’ve retired

20 May 2013

Being out of work harms your health – even if it’s because you’ve retired

Philip Booth

20 May 2013

A curious thing has been happening with regard to retirement patterns in developed countries: we have been living longer and … Continue reading “Being out of work harms your health – even if it’s because you’ve retired”

Give Parliament a year’s recess!

8 May 2013

Give Parliament a year’s recess!

Philip Booth

8 May 2013

It seems a pity that a government whose main economic problems are an inability to control government spending and low … Continue reading “Give Parliament a year’s recess!”

Thatcher’s ungenerous critics undermine society

3 May 2013

Thatcher’s ungenerous critics undermine society

Philip Booth

3 May 2013

In the wake of Mrs. Thatcher’s death, there has been much discussion about her economic record and her political achievements. … Continue reading “Thatcher’s ungenerous critics undermine society”

Scrap ‘misconceived’ Solvency II regulations

1 May 2013

Scrap ‘misconceived’ Solvency II regulations

Philip Booth

1 May 2013

In 2008 the United Kingdom’s Treasury department, writing about the potential ‘benefits’ of Solvency II, said: “Solvency II is based … Continue reading “Scrap ‘misconceived’ Solvency II regulations”

Time, Cable, please!

26 April 2013

Time, Cable, please!

Philip Booth

26 April 2013

Of course, more regulation is just what the British economy needs. In particular, we need more regulation of those very … Continue reading “Time, Cable, please!”

Can Scotland extract itself from the Bank of England?

23 April 2013

Can Scotland extract itself from the Bank of England?

Philip Booth

23 April 2013

Today the Treasury has released a report on the potential currency arrangements for an independent Scotland. Here, I will leave … Continue reading “Can Scotland extract itself from the Bank of England?”

And when the music stops…

12 April 2013

And when the music stops…

Philip Booth

12 April 2013

Today the IEA published a monograph, The Euro: the Beginning, the Middle and…the End? Given the meeting of EU finance ministers … Continue reading “And when the music stops…”

Thatcher changed the City forever but Big Bang isn’t the whole story

10 April 2013

Thatcher changed the City forever but Big Bang isn’t the whole story

Philip Booth

10 April 2013

There is a myth gaining traction that Margaret Thatcher’s deregulation of the City through the Big Bang in 1986 ultimately … Continue reading “Thatcher changed the City forever but Big Bang isn’t the whole story”

Some Christian objections to the NHS

4 April 2013

Some Christian objections to the NHS

Philip Booth

4 April 2013

Nigel Lawson once said that the NHS is the closest thing the English have to a religion. Of course, we … Continue reading “Some Christian objections to the NHS”

Capital controls in Cyprus will harm growth and liberty

26 March 2013

Capital controls in Cyprus will harm growth and liberty

Philip Booth

26 March 2013

Countries often impose extreme “temporary” policies in emergencies. In Britain, emergency rent controls, passed in 1917, were not substantially amended … Continue reading “Capital controls in Cyprus will harm growth and liberty”

Abolish the budget, cut spending and taxes

18 March 2013

Abolish the budget, cut spending and taxes

Philip Booth

18 March 2013

The chancellor should announce that this will be the last annual budget of its type. Unfortunately, the budget is now … Continue reading “Abolish the budget, cut spending and taxes”

The arts don’t require public funding

14 March 2013

The arts don’t require public funding

Philip Booth

14 March 2013

Paul Krugman and the recoveryless job explosion

13 March 2013

Paul Krugman and the recoveryless job explosion

Philip Booth

13 March 2013

Fortunately, as I am in Iceland at the moment, I managed to miss yet another appearance on Newsnight by Paul … Continue reading “Paul Krugman and the recoveryless job explosion”

The Cable-Montgomerie-Balls tax: bottom of the worst-buy list of tax policies

19 February 2013

The Cable-Montgomerie-Balls tax: bottom of the worst-buy list of tax policies

Philip Booth

19 February 2013

I do not agree with taxes on wealth as a matter of principle. In general, increases in wealth come from … Continue reading “The Cable-Montgomerie-Balls tax: bottom of the worst-buy list of tax policies”

Campaigning for the status quo is not an option

14 February 2013

Campaigning for the status quo is not an option

Philip Booth

14 February 2013

The government reached the position in 2009 where it could spend no more. In many respects the position was similar … Continue reading “Campaigning for the status quo is not an option”

Pope Benedict and a free and virtuous economy

12 February 2013

Pope Benedict and a free and virtuous economy

Philip Booth

12 February 2013

Those who study Pope Benedict, who announced his retirement yesterday, have been impressed by his humanity and by his understanding … Continue reading “Pope Benedict and a free and virtuous economy”

Government’s long-term care plans will lead to serious problems

11 February 2013

Government’s long-term care plans will lead to serious problems

Philip Booth

11 February 2013

The ‘problem’ of better off people having to sell their homes to go into a care home has been around … Continue reading “Government’s long-term care plans will lead to serious problems”

How many types of human being? – Mid Staffs and public choice

7 February 2013

How many types of human being? – Mid Staffs and public choice

Philip Booth

7 February 2013

James Buchanan pointed out that the problem with much policy-related economics is that it assumes one type of human person … Continue reading “How many types of human being? – Mid Staffs and public choice”

Customers have no incentive to punish mis-selling banks

1 February 2013

Customers have no incentive to punish mis-selling banks

Philip Booth

1 February 2013

Banks are embroiled in another “mis-selling” scandal, but we can be sure that customer behaviour won’t be affected. Few people … Continue reading “Customers have no incentive to punish mis-selling banks”

Has the Bank of England abandoned inflation targeting?

23 January 2013

Has the Bank of England abandoned inflation targeting?

Philip Booth

23 January 2013

An interesting comment was made recently by Andrew Lilico at a meeting of the IEA’s Shadow Monetary Policy Committee. He … Continue reading “Has the Bank of England abandoned inflation targeting?”

Webb’s pension reform: one more step in the nationalisation of welfare

16 January 2013

Webb’s pension reform: one more step in the nationalisation of welfare

Philip Booth

16 January 2013

Earlier this week, the government announced a new pension reform which would involve the creation of a flat-rate state pension … Continue reading “Webb’s pension reform: one more step in the nationalisation of welfare”

Attempts to eliminate risk can have risky consequences

11 January 2013

Attempts to eliminate risk can have risky consequences

Philip Booth

11 January 2013

A thriving economy needs saving and capital investment. Capital investment is inherently risky because it involves making a judgment about … Continue reading “Attempts to eliminate risk can have risky consequences”

Taking a benefits system from bad to worse – the coalition’s child benefit policy

7 January 2013

Taking a benefits system from bad to worse – the coalition’s child benefit policy

Philip Booth

7 January 2013

In a number of newspapers today, I am quoted accusing the government of ‘family bashing’ with reference to its decision … Continue reading “Taking a benefits system from bad to worse – the coalition’s child benefit policy”

Why does the poverty lobby wage war on markets instead of on poverty?

3 January 2013

Why does the poverty lobby wage war on markets instead of on poverty?

Philip Booth

3 January 2013

If the Child Poverty Action Group (CPAG) were to issue a press release this holiday period, which of the following … Continue reading “Why does the poverty lobby wage war on markets instead of on poverty?”

Playing games with economics

2 January 2013

Playing games with economics

Philip Booth

2 January 2013

There has been a huge growth in game theory in undergraduate economic courses in recent years. Indeed, some universities seem … Continue reading “Playing games with economics”

The poorest will suffer if we ignore the real evidence on payday loans

11 December 2012

The poorest will suffer if we ignore the real evidence on payday loans

Philip Booth

11 December 2012

The non-stop tide of new regulation from the government continues. It now appears to be preparing to accept an amendment … Continue reading “The poorest will suffer if we ignore the real evidence on payday loans”

The problem is not that companies pay too little tax, but that they pay too much

3 December 2012

The problem is not that companies pay too little tax, but that they pay too much

Philip Booth

3 December 2012

Those attacking companies not paying corporation tax have opened up a new line of argument. Specifically, members of the House … Continue reading “The problem is not that companies pay too little tax, but that they pay too much”

Yet another Greek bailout will change nothing without structural reform

28 November 2012

Yet another Greek bailout will change nothing without structural reform

Philip Booth

28 November 2012

Another bailout deal has been secured for Greece. Some of the country’s borrowing will be written off – it will … Continue reading “Yet another Greek bailout will change nothing without structural reform”

The 157 versus Paul Ryan

19 November 2012

The 157 versus Paul Ryan

Philip Booth

19 November 2012

The US election was finely balanced, despite the attempts by the BBC to suggest otherwise. The vote was split roughly … Continue reading “The 157 versus Paul Ryan”

A blueprint to end eurozone recession

16 November 2012

A blueprint to end eurozone recession

Philip Booth

16 November 2012

The eurozone is in recession. This is no surprise. Neither is it surprising that the south is struggling much more … Continue reading “A blueprint to end eurozone recession”

Tax havens are essential and do us all a favour

12 November 2012

Tax havens are essential and do us all a favour

Philip Booth

12 November 2012

Who among Sunday Telegraph readers has not tried to avoid paying tax? I should imagine that most married readers keep … Continue reading “Tax havens are essential and do us all a favour”

We need a revolution in financial regulation

9 November 2012

We need a revolution in financial regulation

Philip Booth

9 November 2012

Earlier this week, a group of leading academics called for a revolution in financial regulation. This call came after the … Continue reading “We need a revolution in financial regulation”

Running out of steam?

6 November 2012

Running out of steam?

Philip Booth

6 November 2012

Let us set aside the argument about whether global warming is a serious threat that we can address through Government … Continue reading “Running out of steam?”

There is no economic war – and we need no industrial policy

31 October 2012

There is no economic war – and we need no industrial policy

Philip Booth

31 October 2012

Today marked the publication of Tarzan’s new growth report. Not surprisingly, it is being welcomed by the Labour Party and … Continue reading “There is no economic war – and we need no industrial policy”

The Eurozone is doomed to unwind without radical liberalising reforms

26 October 2012

The Eurozone is doomed to unwind without radical liberalising reforms

Philip Booth

26 October 2012

When the euro was formed, the economic debate was marked by a paradox. Liberal economists on the continent were enthusiastic … Continue reading “The Eurozone is doomed to unwind without radical liberalising reforms”

The Bank of England needs a humble governor

17 October 2012

The Bank of England needs a humble governor

Philip Booth

17 October 2012

At a meeting in the House of Commons yesterday, I was asked to describe the characteristics which should be possessed … Continue reading “The Bank of England needs a humble governor”

The Bank of England needs a humble governor

17 October 2012

The Bank of England needs a humble governor

Philip Booth

17 October 2012

At a meeting in the House of Commons yesterday, I was asked to describe the characteristics which should be possessed … Continue reading “The Bank of England needs a humble governor”

David Cameron’s misappropriation of the word “privilege”

12 October 2012

David Cameron’s misappropriation of the word “privilege”

Philip Booth

12 October 2012

Given the constraints of political speech-making, David Cameron’s effort earlier this week was reasonable. There was the misunderstanding of international … Continue reading “David Cameron’s misappropriation of the word “privilege””

Pre-distribution – the next small idea

5 October 2012

Pre-distribution – the next small idea

Philip Booth

5 October 2012

One of the leading lights in the current Labour Party policy review is Jon Cruddas. He is a Catholic and … Continue reading “Pre-distribution – the next small idea”

Clegg’s policy to take money from pensions to pay for mortgages is madness

26 September 2012

Clegg’s policy to take money from pensions to pay for mortgages is madness

Philip Booth

26 September 2012

It is difficult to think of a policy that is as ill-conceived on so many levels as the coalition’s announcement … Continue reading “Clegg’s policy to take money from pensions to pay for mortgages is madness”

Hayek – much more than money

25 September 2012

Hayek – much more than money

Philip Booth

25 September 2012

Last night’s BBC programme on F. A. Hayek was interesting and, like the Keynes programme, gave the subject a fair … Continue reading “Hayek – much more than money”

Has The Guardian taken over The Times?

21 September 2012

Has The Guardian taken over The Times?

Philip Booth

21 September 2012

I was surprised to see The Times run a front page, a three page feature and a leader on tax … Continue reading “Has The Guardian taken over The Times?”

Singing Keynes’ praises

19 September 2012

Singing Keynes’ praises

Philip Booth

19 September 2012

Monday night’s BBC documentary Keynes in the Masters of Money series will be followed by two others on Hayek and … Continue reading “Singing Keynes’ praises”

There’s no case for a wealth tax

31 August 2012

There’s no case for a wealth tax

Philip Booth

31 August 2012

Once again, we hear calls for a wealth tax not just from Nick Clegg and Simon Hughes, but also from … Continue reading “There’s no case for a wealth tax”

There’s no case for a wealth tax

31 August 2012

There’s no case for a wealth tax

Philip Booth

31 August 2012

Once again, we hear calls for a wealth tax not just from Nick Clegg and Simon Hughes, but also from … Continue reading “There’s no case for a wealth tax”

Friedman as a hero

31 July 2012

Friedman as a hero

Philip Booth

31 July 2012

When I was at university, the vast majority of liberal-thinking people were in the Federation of Conservative Students – an … Continue reading “Friedman as a hero”

The truly international, communitarian Olympics opening we could have had – but didn’t

30 July 2012

The truly international, communitarian Olympics opening we could have had – but didn’t

Philip Booth

30 July 2012

It would be churlish to do anything other than praise the technical brilliance of the Olympic opening ceremony. The choreography … Continue reading “The truly international, communitarian Olympics opening we could have had – but didn’t”

Stagnation Britain: Osborne has played his hand extremely badly

26 July 2012

Stagnation Britain: Osborne has played his hand extremely badly

Philip Booth

26 July 2012

The statisticians will be arguing about the last quarter’s growth figures for years. Was it really a 0.7 per cent … Continue reading “Stagnation Britain: Osborne has played his hand extremely badly”

People are trapped outside our labour market, and it’s hurting our economy

24 July 2012

People are trapped outside our labour market, and it’s hurting our economy

Philip Booth

24 July 2012

Employment minister Chris Grayling might be going on holiday pretty chuffed with himself after the latest employment figures. On the … Continue reading “People are trapped outside our labour market, and it’s hurting our economy”

Should the Church evade the issue of tax avoidance?

10 July 2012

Should the Church evade the issue of tax avoidance?

Philip Booth

10 July 2012

It is perhaps surprising that senior people in the Catholic Church have been relatively quiet in the recent debate about … Continue reading “Should the Church evade the issue of tax avoidance?”

Trust has lost all of its value in our state-regulated financial markets

5 July 2012

Trust has lost all of its value in our state-regulated financial markets

Philip Booth

5 July 2012

The spotlight in the Libor rate-fixing scandal has moved. Questions are being asked about the culpability of the FSA, which … Continue reading “Trust has lost all of its value in our state-regulated financial markets”

Count to ten before supporting Gove’s proposals to bring back the O-level

4 July 2012

Count to ten before supporting Gove’s proposals to bring back the O-level

Philip Booth

4 July 2012

I was beginning to feel quite warm towards Michael Gove’s plans for more varied qualifications within schools, and then I … Continue reading “Count to ten before supporting Gove’s proposals to bring back the O-level”

To the man with a hammer…every problem is a nail

29 June 2012

To the man with a hammer…every problem is a nail

Philip Booth

29 June 2012

This week a major scandal came to light with regard to the setting of LIBOR, which is the interest rate … Continue reading “To the man with a hammer…every problem is a nail”

Measuring everything that matters to all seven billion of us – in one index number

22 June 2012

Measuring everything that matters to all seven billion of us – in one index number

Philip Booth

22 June 2012

It was interesting to see former New Zealand Prime Minister Helen Clark pop up in the news again this week. … Continue reading “Measuring everything that matters to all seven billion of us – in one index number”

Holding on to the euro: the well-off and well-connected will manage

15 June 2012

Holding on to the euro: the well-off and well-connected will manage

Philip Booth

15 June 2012

There has long been support for the EU project in the Vatican but, as ever in these matters, we have … Continue reading “Holding on to the euro: the well-off and well-connected will manage”

We must write off bad debt

8 June 2012

We must write off bad debt

Philip Booth

8 June 2012

Europe is riddled with bad debt. In some countries, such as Spain, banking systems are in chaos. In other countries, … Continue reading “We must write off bad debt”

EU bank regulation: less is more

7 June 2012

EU bank regulation: less is more

Philip Booth

7 June 2012

There is some sense in the EU’s new plans to change the way in which banks are regulated. In particular, … Continue reading “EU bank regulation: less is more”

The marginal gains from working for UK families

29 May 2012

The marginal gains from working for UK families

Philip Booth

29 May 2012

In my last blog post I looked at the complexities of the UK tax system. Unfortunately, in order to make … Continue reading “The marginal gains from working for UK families”

The UK’s tax system punishes work, training, family formation and saving

28 May 2012

The UK’s tax system punishes work, training, family formation and saving

Philip Booth

28 May 2012

If one were to set out to design a malfunctional tax and benefits system from scratch you would probably end … Continue reading “The UK’s tax system punishes work, training, family formation and saving”

Service with a smile – the market economy and civic virtue

24 May 2012

Service with a smile – the market economy and civic virtue

Philip Booth

24 May 2012

Michael Sandel is in town at the moment to promote his book How Markets Crowd Out Morals. His article on … Continue reading “Service with a smile – the market economy and civic virtue”

Illiquid or bust?

18 May 2012

Illiquid or bust?

Philip Booth

18 May 2012

Working out who exactly owes what to whom in the eurozone is an increasingly difficult job. Money is pouring out … Continue reading “Illiquid or bust?”

Thirty years of fiscal drag

16 May 2012

Thirty years of fiscal drag

Philip Booth

16 May 2012

It might be thought that a succession of ‘tax cutting’ governments from 1979 and a government pledged to reduce inequality … Continue reading “Thirty years of fiscal drag”

The Archbishop of Canterbury and the market economy (part two)

11 May 2012

The Archbishop of Canterbury and the market economy (part two)

Philip Booth

11 May 2012

In my last blog post, I looked at Archbishop Williams’ use of legal organ sales as an example of the … Continue reading “The Archbishop of Canterbury and the market economy (part two)”

The Archbishop of Canterbury and the market economy (part one)

10 May 2012

The Archbishop of Canterbury and the market economy (part one)

Philip Booth

10 May 2012

The Archbishop of Canterbury’s latest foray into the world of political economy does him even less credit than his previous attempts. … Continue reading “The Archbishop of Canterbury and the market economy (part one)”

A policy for a lower exchange rate will not boost economic growth

30 April 2012

A policy for a lower exchange rate will not boost economic growth

Philip Booth

30 April 2012

A brief pamphlet has recently been published by Civitas, written by John Mills – ‘A Price that Matters’. This pamphlet makes … Continue reading “A policy for a lower exchange rate will not boost economic growth”

Lost Causes: The Retreat from Classical Liberalism

13 April 2012

Lost Causes: The Retreat from Classical Liberalism

Philip Booth

13 April 2012

Last month, the IEA co-published Lost Causes by Deepak Lal. The book can be bought from the IEA here. It … Continue reading “Lost Causes: The Retreat from Classical Liberalism”

B-grade for Gove in A-level reform: progressing well but could do better

4 April 2012

B-grade for Gove in A-level reform: progressing well but could do better

Philip Booth

4 April 2012

The government’s decision to seek greater university involvement in the A-level examination system is to be welcomed. In many ways … Continue reading “B-grade for Gove in A-level reform: progressing well but could do better”

Abolish the annual Budget

23 March 2012

Abolish the annual Budget

Philip Booth

23 March 2012

At the IEA’s Budget briefing yesterday I called for the annual Budget to be abolished – or at least slimmed … Continue reading “Abolish the annual Budget”

Royal Mail move ‘shoddy accounting’ by UK government

20 March 2012

Royal Mail move ‘shoddy accounting’ by UK government

Philip Booth

20 March 2012

The government’s decision to nationalise the assets of the Royal Mail pension fund while taking on all future liabilities is … Continue reading “Royal Mail move ‘shoddy accounting’ by UK government”

Liberating farming from the CAP

13 March 2012

Liberating farming from the CAP

Philip Booth

13 March 2012

The country has recently been asked to celebrate the beginning of “Fairtrade Fortnight”. Fairtrade is a private certification scheme that, … Continue reading “Liberating farming from the CAP”

Britain’s long-term outlook is suffering as the coalition pursues medium-term gain

8 March 2012

Britain’s long-term outlook is suffering as the coalition pursues medium-term gain

Philip Booth

8 March 2012

The government is to be applauded for its attempts to get the medium-term public finances under control. However, its enthusiasm … Continue reading “Britain’s long-term outlook is suffering as the coalition pursues medium-term gain”

When it comes to taxing property, it is important to get your premises right

27 February 2012

When it comes to taxing property, it is important to get your premises right

Philip Booth

27 February 2012

Tim Montgomerie has been a leading advocate of a move from income to wealth taxes in recent months. In a … Continue reading “When it comes to taxing property, it is important to get your premises right”

From naivety to sophistry – Keynesian arguments on both sides of the Atlantic

20 February 2012

From naivety to sophistry – Keynesian arguments on both sides of the Atlantic

Philip Booth

20 February 2012

Recent US growth figures seem to have re-energised naive Keynesians who, lacking any real evidence or credible prior theory for … Continue reading “From naivety to sophistry – Keynesian arguments on both sides of the Atlantic”

This medium-termist government needs to think long-term – now

15 February 2012

This medium-termist government needs to think long-term – now

Philip Booth

15 February 2012

The UK has been put on a credit-rating downgrade watch. This is not surprising, but one wonders whether Moody’s is … Continue reading “This medium-termist government needs to think long-term – now”

Can markets be made moral? Ask a silly question…

8 February 2012

Can markets be made moral? Ask a silly question…

Philip Booth

8 February 2012

An organisation called Catholic Voices organises seminars – amongst other things – to help young Catholics in the media. A few … Continue reading “Can markets be made moral? Ask a silly question…”

Last week should be the last Davos

31 January 2012

Last week should be the last Davos

Philip Booth

31 January 2012

Apparently, the World Economic Forum – a pre-skiing holiday talking shop for many of its attendees – exists as “an … Continue reading “Last week should be the last Davos”

Euro break-up – not so simple

20 January 2012

Euro break-up – not so simple

Philip Booth

20 January 2012

Many UK economists are pretty sanguine about euro break-up. Patrick Minford, for example, in the minutes of the Shadow Monetary … Continue reading “Euro break-up – not so simple”

A message for David Cameron – government cannot make us happy

16 January 2012

A message for David Cameron – government cannot make us happy

Philip Booth

16 January 2012

A major policy plank in the re-branding of the Conservative Party has been the adoption of well-being economics – one … Continue reading “A message for David Cameron – government cannot make us happy”

Cameron’s red tape challenge to ministers – produce as much red tape as possible

12 January 2012

Cameron’s red tape challenge to ministers – produce as much red tape as possible

Philip Booth

12 January 2012

My last blog post was on recycling so I guess it is appropriate if I recycle some material from an … Continue reading “Cameron’s red tape challenge to ministers – produce as much red tape as possible”

Money laundering regulation recycled for scrap metal industry

5 January 2012

Money laundering regulation recycled for scrap metal industry

Philip Booth

5 January 2012

The Christmas-to-New Year holiday was a bad period for those of us who believe in deregulation. A minimum price for … Continue reading “Money laundering regulation recycled for scrap metal industry”

Untangling the web of confusion – the Justice and Peace Commission and financial reform

23 December 2011

Untangling the web of confusion – the Justice and Peace Commission and financial reform

Philip Booth

23 December 2011

Perhaps the wisest words in the wake of the financial crash by a religious person were written by Cardinal Pell … Continue reading “Untangling the web of confusion – the Justice and Peace Commission and financial reform”

BBC misrepresents National Social Survey

7 December 2011

BBC misrepresents National Social Survey

Philip Booth

7 December 2011

The BBC’s coverage of the National Social Survey shows the BBC at its very worst. It has completely misrepresented the … Continue reading “BBC misrepresents National Social Survey”

No Case for Plan B

6 December 2011

No Case for Plan B

Philip Booth

6 December 2011

Thirty years ago, the economics profession was dominated by naive Keynesians. The author of the standard textbook at the time, … Continue reading “No Case for Plan B”

Ted Heath was right – the EU single market is not a free market

28 November 2011

Ted Heath was right – the EU single market is not a free market

Philip Booth

28 November 2011

Last week, the IEA held a discussion on the EU. There were some prominent euro enthusiasts there, together with a … Continue reading “Ted Heath was right – the EU single market is not a free market”

Altmeier should have been stuffed by Paxo

18 November 2011

Altmeier should have been stuffed by Paxo

Philip Booth

18 November 2011

Newsnight this week had, for them, a reasonably balanced piece on the proposed EU transactions tax on Wednesday evening. There … Continue reading “Altmeier should have been stuffed by Paxo”

Economic liberalisation in Italy – we need the full Monti

15 November 2011

Economic liberalisation in Italy – we need the full Monti

Philip Booth

15 November 2011

Mario Monti has the technical ability to deliver much needed privatisation and liberalisation, but whether he is able to survive … Continue reading “Economic liberalisation in Italy – we need the full Monti”

David Cameron must tackle moral hazard

8 November 2011

David Cameron must tackle moral hazard

Philip Booth

8 November 2011

It is widely expected that the Prime Minister is going to start calling for a more moral form of capitalism. … Continue reading “David Cameron must tackle moral hazard”

Germany wrong on financial transaction tax

1 November 2011

Germany wrong on financial transaction tax

Philip Booth

1 November 2011

In the midst of a eurozone sovereign debt crisis – caused largely by government profligacy – it is not surprising, … Continue reading “Germany wrong on financial transaction tax”

The social role of banks is banking

26 October 2011

The social role of banks is banking

Philip Booth

26 October 2011

Since fox-hunting became illegal, banker bashing has become a new blood sport. Not only is the typical banker portrayed as … Continue reading “The social role of banks is banking”

Is it acceptable for UK companies to use tax havens?

20 October 2011

Is it acceptable for UK companies to use tax havens?

Philip Booth

20 October 2011

The corporate tax systems of developed countries are a labyrinthine mess that often leads to double or even triple taxation … Continue reading “Is it acceptable for UK companies to use tax havens?”