IEA

Advertising in a Free Society

The subject of advertising is often treated with indifference by economists and disdain by the public... More

Fifty Economic Fallacies Exposed

Whilst it is impossible to argue that the earth is flat without fearing ridicule, fallacies in economics are widespread... More

From Crisis to Confidence: Macroeconomics after the Crash

Some would argue that the financial crash revealed failings in the discipline of economics as well as in the financial system... More

New Private Monies: A Bit-Part Player?

New forms of private money regularly hit the newspaper headlines. However, there is relatively little discussion of whether such innovations will last... More

A U-Turn on the Road to Serfdom

Governments throughout the Western world are spending at levels that could not have been imagined by pre-war economists... More

The Government Debt Iceberg

Nobody who has even a passing acquaintance with economics could fail to realise that Western governments are highly indebted... More

Trade Policy, New Century: The WTO, FTAs and Asia Rising

In recent years, debates on international trade policy have focused on the role of the World Trade Organization and the two big political and economic powers... More

Ludwig von Mises- A Primer

Ludwig von Mises was one of the greatest economists and political scientists of the twentieth century... More

Towards a Liberal Utopia?

Socialists have never been shy of sketching out their dreams of a better world, but that better world has never materialised in socialist countries... More

Should We Have Faith in Central Banks?

Central bank independence is now in vogue because of previous experience of politicisation of monetary policy... More

The Shadow Economy

The shadow economy is widespread, accounting for around one tenth of economic activity in the UK and over one quarter of economic activity in some European countries... More

Saving Our Streams: The Role of the Anglers’ Conservation Association in Protecting English and Welsh Rivers

In Saving Our Streams, Roger Bate explains the history of an unusual and remarkably effective ‘environmental’ organisation... More

Redefining the Poverty Debate: Why a War on Markets is No Substitute for a War on Poverty

The political debate about poverty is entirely dominated by groups calling for more income transfers to the poor... More

Taxation and Red Tape: The Cost to British Business of Complying with the UK Tax System

Successive governments have promised to reduce business red tape, whilst doing nothing about it... More

railway.com: Parallels between the early British railways and the ICT revolution

The teaching of economic history is in decline in our schools and universities... More

Unshackling Accountants

In recent years, there has been a revolution in accounting. Not long ago, it was recognised that accounting was a subjective art and that accountants had to use their own judgement in producing... More

The Role of Business in the Modern World: Progress, Pressures and Prospects for the Market Economy

It is now a widely held view that a new era has dawned in which businesses must adopt a new conception of their mission... More

Which Road Ahead- Government or Market?

In this Hobart Paper, the authors - transport economists Oliver Knipping and Richard Wellings - propose the privatisation of the UK road network... More

Verdict on the Crash: Causes and Policy Implications

This book challenges the myth that the recent banking crash was caused by insufficient government regulation of financial markets... More

Self-employment, Small Firms and Enterprise

For many months the British government has been trying to convince the nation that it wants to promote economic growth. The evidence suggests that the economic giants... More

Sharper Axes, Lower Taxes: Big Steps to a Smaller State

The government’s 2010 Comprehensive Spending Review was anything but comprehensive... More

Rescuing Social Capital from Social Democracy

Many social democrats believe that the failure of past government interventions in social and economic life can be explained by... More

Should We Mind the Gap? Gender Pay Differentials and Public Policy

Differences in the earnings of women and men are increasingly being used to justify regulation of the private affairs of employers and employees... More

They Meant Well: Government Project Disasters

How is it that so many major, government-sponsored projects can lose so much money?... More

The Euro: The Beginning, the Middle... and the End?

At the outset of the euro, there was strong opposition to Britain’s participation from most free-market economists. However, economists took more nuanced positions with regard to participation by the majority of current euro zone member states... More

Wheels of Fortune

It is often assumed that government intervention is required to bring to fruition large scale infrastructure projects... More

The Vote Motive

In this classic introductory public choice text, Gordon Tullock analyses the motives and activities of politicians, civil servants and voters... More

The War Between the State and the Family

It has become fashionable for politicians to extol the virtues of the family. Yet, in this economic analysis of family policy, Patricia Morgan shows how politicians... More

Were 364 Economists All Wrong?

In March 1981, 364 economists agreed to write to The Times arguing strongly against the then government’s monetary and fiscal policy... More

Waging the War of Ideas

This paper discusses how ‘wars of ideas’ can be waged, using the author’s extensive experience, both as director general of the Institute of Economic Affairs... More

Living with Leviathan: Public Spending, Taxes and Economic Performance

This monograph examines the growth of public spending in the UK. Using empirical evidence... More

The Fallacy of the Mixed Economy: An ‘Austrian’ Critique of Recent Economic Thinking and Policy

1. There is a resurgence of interest in the ‘Austrian School’ of economics, notably the work of Menger, Mises and Hayek. 2. In contrast to neoclassical economics, the Austrian school has... More

The European Institutions as an Interest Group: The Dynamics of Ever-Closer Union

The institutions of the European Union are gaining more and more power at the expense of national and local governments, as well as individuals and private businesses... More

The Road to Serfdom- with The Intellectuals and Socialism

In The Road to Serfdom, F. A. Hayek set out the danger posed to freedom by attempts to apply the principles of wartime economic and social planning to the problems of peacetime... More

The Euro as Politics

The British Government has focused the discussion on the adoption of the euro on its economic consequences. Whilst there are economic arguments for the UK joining the euro... More

Education Without the State

Functional illiteracy, youth delinquency and lack of innovation point to the failure of state schooling. They raise the question of why governments should be involved in education... More

The Profit Motive in Education: Continuing the Revolution

The UK government - in common with the governments of many Western countries - is in the midst of implementing policies to reform education... More

Quack Policy: Abusing Science in the Cause of Paternalism

Politicians and lobbyists who promote new regulations and taxes often claim that the case for increased government intervention is supported by scientific evidence... More

Money and Asset Prices in Boom and Bust

By considering recent and historical events such as the Great Depression, episodes of boom and bust in the UK, and the malaise in Japan... More

Prohibitions

The ‘nanny state’ has expanded in recent years. Politicians and bureaucrats have increasingly sought to restrict what individuals are permitted to do with their own bodies on their own property... More

Pricing Our Roads: Vision and Reality

The only significant road pricing scheme in the UK is that introduced by Ken Livingstone in London... More

Public Choice - A Primer

‘Market failure’ is a term widely used by politicians, journalists and university and A-level economics students and teachers. However... More

Climate Change Policy: Challenging the Activists

There is currently a consensus amongst the political establishment - and amongst the intellectual communities that feed into it - that detailed and wide-ranging government intervention is necessary... More

The Economics of Law

Economic analysis is increasingly being applied beyond its traditional precincts of the marketplace and the economy... More

Markets in the Firm: A Market-Process Approach to Management

Information is now the critical factor of production: firms need to be able to sense the need for change and respond before their competitors do... More

Malaria and the DDT Story

Malaria kills millions of people each year and hundreds of millions more suffer chronic illness. Economic development is inhibited and poverty is perpetuated... More

The Legal Foundations of Free Markets

In this book, Stephen Copp has brought together some of the world’s leading figures in the field of law and economics to discuss questions that are central to our understanding... More

How Markets Work: Disequilibrium, Entrepreneurship and Discovery

Mainstream neo-classical economics focuses on already attained states of equilibrium. It is silent about the processes of adjustment to equilibrium... More

Liberating the Land: The Case for Private Land-use Planning

Despite the growing belief in the efficacy of market forces, the ownership and use of land in Britain are now ‘. . . subject to a greater array of statutory controls than at any time... More

Happiness, Economics and Public Policy

In Happiness, Economics and Public Policy, Helen Johns and Paul Ormerod analyse the economic research that underlies politicians’ growing preoccupation with measures of ‘wellbeing’... More

Hayek’s The Constitution of Liberty: An Account of Its Argument

F. A. Hayek’s The Constitution of Liberty has had a profound effect on the thinking of a generation of scholars, students and even politicians... More

Free Markets Under Siege: Cartels, Politics and Social Welfare

In this paper, Richard Epstein, Professor of Law at the University of Chicago, explains how there are substantial economic gains to be made from countries getting ‘easy’ policy decisions correct... More

Chaos, Management and Economics: The Implications of Non-Linear Thinking

Chaos theory, which is causing a revolution in the natural sciences, has important lessons... More

Pension Provision: Government Failure Around the World

This monograph surveys the results of government intervention in the market for retirement income provision throughout the world... More

Misguided Virtue: False Notions of Corporate Social Responsibility

The doctrine of Corporate Social Responsibility (CSR) now enjoys widespread support... More

A New Understanding of Poverty: Poverty Measurement and Policy Implications

This ground-breaking study on the measurement of poverty shows how policy in this field has taken a wrong turn with disastrous results... More

Money, Inflation and the Constitutional Position of the Central Bank

There are at least three requirements for an economy to maintain stable prices. Policy-makers and opinion-formers must understand that inflation brings no medium or long-term economic benefit... More

Capital Controls: A 'Cure' Worse than the Problem?

Free capital movements played an important part in the economic integration and globalisation of the nineteenth century. By the end of the century, capital flows were on a remarkable scale... More

The Global Education Industry: Lessons from Private Education in Developing Countries

The first edition of this pioneering book produced surprising conclusions from research around the world into the extent of private education... More

Britain's Relative Economic Performance 1870-1999

Judgments about Britain’s economic performance are... More

Better Off Out? The Benefits or Costs of EU Membership

The first edition of this controversial book in 1996 significantly influenced the debate about Britain’s relationship with the rest of the European Union... More

Buckingham at 25: Freeing the Universities from State Control

Twenty-five years after the founding of Britain’s first and only fully independent university, the University of Buckingham, it is time to take stock. Many commentators say that universities are in crisis... More

Beyond Universities: A New Republic of the Intellect

Universities in the UK have traditionally operated under a common system which institutionalises important restrictive practices... More

The Dilemma of Democracy: The Political Economics of Over-Government

Governments have been taking control of activities – ‘public’ goods, ‘public’ utilities, welfare and local government services... More

Denationalisation of Money

1. The government monopoly of money must be abolished to stop recurring bouts of inflation and deflation... More

Crime: Economic Incentives and Social Networks

In recent years, the economic analysis of crime has helped increase our understanding of different influences on crime levels... More

Corruption- The World's Big C

There is general agreement that the world would be a better place without corruption, but there is less general understanding of precisely what constitutes corruption... More

Does Britain Need a Financial Regulator?

Only a generation ago, UK investment markets were regulated by self-governing exchanges... More

Employment Tribunals: Their Growth and the Case for Radical Reform

Employment tribunals began life as industrial tribunals in the mid 1960s. Since then, their jurisdiction has expanded considerably under the Race Relations Act, equal pay legislation, the Sex Discrimination Act... More

Economy and Virtue: Essays on the Theme of Markets and Morality

This volume, edited by Professor Dennis O’Keeffe and with a foreword by David Willetts, explores the relationship between virtue, morality... More

Free Banking in Britain: Theory, Experience and Debate, 1800–1845

Lawrence White’s pioneering work, Free Banking in Britain, was first published in 1984... More

Euthanasia for Death Duties: Putting Inheritance Tax Out Of Its Misery

Death duties are now only a minor source of revenue to the British Exchequer... More

Corporate Governance: Accountability in the Marketplace

Corporate governance has come to prominence in recent years because of the perceived political importance of issues... More

Fair Trade Without the Froth: A Dispassionate Economic Analysis of ‘Fair Trade’

When it comes to the purchase of everyday goods such as coffee, tea and sugar, most consumers believe that sellers of Fair Trade products occupy the high moral ground... More

Fifty Economic Fallacies Exposed

Since 1988, Professor Geoffrey Wood of the Sir John Cass Business School, City of London (formerly the City University Business School) has written a regular column in the IEA’s journal... More

The Future of the Commons: Beyond Market Failure and Government Regulation

This short book provides a brief introduction to the work of the late Elinor Ostrom, 2009 Nobel Laureate in economics... More

The Land Use Planning System: Evaluating Options for Reform

The existing system of land use planning in the UK dates back to the 1947 Town and Country Planning Act and is therefore now well over half a century old... More

Choice and the End of Social Housing

The provision of housing for the less well off has been dominated by the state for over sixty years. Despite some moves to increase choice for tenants in the 1980s, policy in the UK has been characterised by... More

Capitalism: A Condensed Version

In this new, condensed version of his masterpiece, Capitalism , Arthur Seldon explains why, despite its apparent imperfections, the market system is infinitely preferable to the alternatives... More

Capitalism, Morality and Markets

In 2000 the Institute began a series of lectures, endowed by Michael Novak and the John Templeton Foundation, entitled the Templeton Forum on Markets and Morality... More

Central Banking in a Free Society

The author covers the Northern Rock affair and the subsequent instability in the UK financial system in the context of the history and desired future role of the Bank of England as a central bank... More

Catholic Social Teaching and the Market Economy

Throughout history, but particularly in the last century or so, the Catholic Church has developed a formal body of teaching on economic and political matters... More

The Challenge of Immigration: A Radical Solution

The issue of migration has often divided political economists – even those of a broadly free-market perspective. In this IEA Occasional Paper, Nobel Laureate Gary Becker briefly discusses... More

The Benefits of Tax Competition

Most governments have laws to prevent cartels and to promote competition. However... More

Bastiat's 'The Law'

Frédéric Bastiat, who was born two hundred years ago, was a leader of the French laissez-faire tradition in the first half of the nineteenth century... More

Anti-Liberalism 2000: The Rise of New Millennium Collectivism

In the last twenty-five years, many countries have embarked on programmes of economic liberalisation. But, David Henderson argues, it is a mistake to believe that economic liberalism has triumphed... More

...and the Pursuit of Happiness: Wellbeing and the Role of Government

In spite of general reductions in government spending, the prime minister has found room in the government’s budget to spend money on a major survey... More

An Adult Approach to Further Education

In the UK, further education is a bastion of Soviet central planning that has wholly avoided the market-based reforms that have been adopted in other parts of the state sector. In... More

Adam Smith: A Primer

Despite his fame, there is still widespread ignorance about the breadth of Adam Smith’s contributions to economics, politics and philosophy. In... More