Economic Theory
Continued from Part 1.   But if not under the commanding instructions of a central planner or government regulator, how will people know how, when, and for what to apply their unique bits of knowledge, which cumulatively add up to all “the knowledge in the world,” but resides in no one mind or group of ... Continue reading
Economic Theory
The fast and furious rise of the alt-right in Europe, the UK, and the US has caught many people intellectually off-guard. I can speak for myself in this respect. My education and reading prepared me well to understand the statism of the left. My instincts became finely tuned. The threat to liberty from the right ... Continue reading
Economic Theory
It is important for any expert to know their limits. It could be argued that economists ‘oversell’ themselves and pretend that they can predict things which they really cannot predict. If economists had a proper professional body, this would be a serious matter. If an accountant or a lawyer, for example, practices outside their area ... Continue reading
Economic Theory
To conjecture what Hayek’s stance might have been on Britain’s EU referendum and the current state of the European project more generally, it is instructive to consider his biography. The first half of Hayek’s long life was characterised by the steady unravelling of the liberal order into which he had been born. In 1899, Europe ... Continue reading
Economic Theory
The IEA, on our 60th Anniversary, look back at the last 60 years - how the IEA came about, what our founders were seeking to do, and how well we have lived up to their ideas of what the IEA could do.... Continue reading
Sixty years ago, Sir Antony Fisher founded the Institute of Economic Affairs (IEA), realising an idea given to him by the economist Friedrich Hayek seven years earlier. The IEA is one of the oldest think tanks, and one of the most successful, something even its opponents freely concede. But what does success mean in this ... Continue reading
Economic Theory
Does liberty need a constitution? Or, what might at first glance sound even more paradoxical, does it need a framework of rules for a free society to be established and to flourish? F. A. Hayek’s The Constitution of Liberty addressed precisely this question, which has been fundamental for classical liberalism ever since its very inception. ... Continue reading
Keynesian economists have an enduring disposition to spend their way out of trouble. This is so even when overspending has caused the trouble. Gone are the days when expenditure and taxation were varied by a ‘touch on the tiller’ (James Callaghan) to steer aggregate demand. With disillusionment over the timing and efficacy of fiscal policy, ... Continue reading