“Market failure” is constantly used by capitalism’s critics as justification for government spending, taxes and regulation. In policy areas ranging … Continue reading “Market failure arguments are a poor guide to policy”

Should a carbon tax, levied on the carbon content of fuels, be part of plans to combat global warming? Philip … Continue reading “Debate: The pros and cons of carbon taxes”

Nobel-Prize-winning economist Ronald Coase died in 2013 at the grand age of 102. The two contributions for which he is … Continue reading “Ronald Coase: as relevant as ever”

Given the huge structural challenges our economy still faces and with the government still borrowing around £100 billion per year, … Continue reading “Plastic bags – why should we care?”

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

Opponents of a market economy often decry the operation of what they perceive to be selfishness in the market as … Continue reading “A free economy, virtue and externalities”

Opponents of a market economy often decry the operation of what they perceive to be selfishness in the market as … Continue reading “A free economy, virtue and externalities”

One of the justifications for government intervention in the market is the presence of ‘external effects’ or ‘externalities’ which occur … Continue reading “Change4Life, sales bans and “sin taxes”: when the arsonist screams “fire!””