Research

The costs & consequences of restrictions on migration

Summary: Immigration is perhaps the most controversial political issue in Britain today. It is a key reason why 52 per cent of Britons voted to leave the European Union in June 2016. Yet negative misperceptions about migration abound. People greatly overestimate the immigrant share of the population and many wrongly believe that openness to migration ... Continue reading
Research

IEA releases new briefing on infrastructure spending

Executive Summary: Chancellor Philip Hammond has been urged to increase government infrastructure spending to counteract any economic slowdown (demand management) and to improve the productive potential of the economy (supplyside reform). Yet the ‘Keynesian’ function of infrastructure spending ignores the opportunity cost of such activity. Even if it worked theoretically, timing problems create challenges, whilst ... Continue reading
Research

Turning statutory regulation into private regulation for the UK's taxi industry

Summary:   Over the past two years, there has been a worldwide regulatory backlash against new smartphone-app-based Private Hire Vehicle (PHV) operators, with Uber probably being the most emblematic one. While a few regulatory clarifications can be justified, the vast majority of measures have been transparent attempts to obstruct the growth of this sector, in order ... Continue reading
Research

Abolish twenty taxes and go for growth, says IEA

Summary: Measuring taxation and government spending as a proportion of national income is beset with difficulties. However, it is clear that there has been a strong upward trend in taxation and government spending as a proportion of national income in the developed countries over the last 100 years. At the beginning of World War I, ... Continue reading
Research

Abolish twenty taxes and go for growth, says IEA

Summary:  • Taxation and government spending as a proportion of GDP have increased dramatically since World War I. Spending has increased from one-eighth of national income to somewhere between 40 per cent and 45 per cent of GDP today, the actual figure depending on how GDP is measured. • This is a similar level to ... Continue reading

SMPC minutes November 2016

At its October 2016 face-to-face meeting, the Shadow Monetary Policy Committee (SMPC) elected, by a vote of five to four, to raise rates in November. Of the five members favouring a raise, three preferred a rise of 0.25% and two a rise of 0.5%.Of the four members voting to hold, three had a bias to ... Continue reading
Economic Affairs
Subscribe to Economic Affairs Contents: Introduction (pages 237–238) by J. R. Shackleton Incentive Effects in Higher Education: an Improved Funding Model for Universities (pages 239–257) by Peter Ainsworth, Tom McKenzie and Al Stroyny Pollution Havens and Their Relationship to the Environmental Kuznets Curve: The Case of the us Tyre Industry (pages 258–272) by John McCollough, ... Continue reading
Research

Promoting economic freedom in Muslim-majority countries is key to prosperity

The IEA's Islamic Foundations of a Free Society, written by a range of Islamic scholars, sheds a great deal of light on questions about Islam’s compatibility with a free society and a free economy. This book aims to inform those in the West who view Islam with fear and suspicion, while encouraging Muslims to remember and ... Continue reading
Research

The costs of agricultural exceptionalism and the precautionary principle

Summary: The precautionary principle provides non-farming interest groups with a pseudo-official means of influencing policy. The result is a drift towards overregulation and regulatory failures which are in conflict with the efficient working of the single market. Pressure groups have used a broad definition of the precautionary principle to bring about regulation in the areas of ... Continue reading
Research

Former World Bank economist says advancing political & economic freedom is the way to alleviate poverty

Summary: Hopes for development aid remain high among Western politicians and pundits, but the evidence is depressing. Foreign aid has on average probably no effect on long-run growth. To understand the failure of many development projects, we need a deeper consideration of the failure of top-down planning in general, a lesson Hayek taught. Without the ... Continue reading