Search results for ""Institute of Economic Affairs""
Institute of Economic Affairs Climate Alarmism Reconsidered
The energy challenges of resource depletion, security of supply and pollution have been effectively addressed by market entrepreneurship, technology, and measured regulation. The remaining sustainability issue for carbon-based energy reliance is anthropogenic or man-made climate change. "Climate Alarmism Reconsidered" demonstrates how the balance of evidence supports a benign enhanced greenhouse effect, and how the case for mandatory greenhouse gas reductions depends on unrealistic assumptions. Government intervention in the name of energy sustainability is the major threat to real energy sustainability and the provision of affordable, reliable energy to growing economies worldwide.Free-market structures and the wealth generated by markets help communities to best adapt to climate change. This multi-disciplinary study concludes that climate alarmism and its corollary, policy activism, are unwarranted and counterproductive for the developed world and particularly for the world's energy poor. Every few decades the intellectual community becomes obsessed with some energy 'problem' to which it can see no solution and calls for intervention by governments and international bodies to save the world. In the 1970s, the perceived problem was an imminent energy shortage; today the issue is climate change.
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Institute of Economic Affairs The Way Out of the Pensions Quagmire
This book provides an analysis of the current problems of pension provision in the UK and a radical plan for reform. The authors believe that the system of retirement income provision in the UK is so mired in complexity that nothing less than wholesale change is necessary. The authors believe that state pensions should only be offered on a contributory basis - there should be no automatic right to a 'citizen's pension', as has been proposed by many commentators. Attention should also be paid to the social security system to remove the perverse incentives of means testing. Anomalies and special treatment of favoured groups in the tax system should also be removed. The Way Out of the Pensions Quagmire proposes a holistic approach to pension reform that takes proper account of the interaction between pensions, tax, social security and financial regulation.
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Institute of Economic Affairs The Tropical Rain Forest: A Political Ecology of Hegemonic Myth-Making
Our attachment to the tropical rain forest has grown over the past hundred years from a minority colonial pursuit to mainstream environmental obsession. The tropical rain forest has variously been assumed to be the world's most important repository of biological diversity and 'the lungs of the planet'. As Philip Stott shows in this magnificent monograph, neither claim has any basis in fact. The Northern environmentalist conception of the tropical rain forest is far removed from the ecological realities of the places it purports to denote. Most of the 'million year old forest' to which environmentalists sentimentally refer turns out to have existed for less than 20,000 years. During the last ice age the tropics were colder and drier than today and probably more closely resembled the savanna grasslands of East Africa. Most of the abundant plants and insects of the so-called tropical rain forest are equally novel, having co-evolved with the trees. Claims regarding the fragility of the ecosystems in tropical areas are similarly awry. Recent research suggests that a clear-cut area will return to forest with a similar level of biological diversity to the original within twenty years. Ironically, the mythical 'climax rain forest' would be a barren place: no new species would evolve because there would be no new environmental niches to be filled. The myth of the tropical rain forest suits the purposes of Northern environmentalists, who are able to justify demands for restrictions on the conversion of 'virgin forest' to other uses. Yet the history of the world has been one of evolutionary change. If we attempt to maintain stasis, we risk limiting our ability to adapt to change when it inevitably comes. Calls for the tropical rain forest to be preserved are founded on the implied presumption that the people living in tropical regions are merely there to protect a western construct. This denigrates their rights and dehumanises them. If people in developing countries are to escape from the mire of poverty in which so many continue to live, it is essential that they have secure rights of tenure and are free to do with their land what they will. Some may make mistakes, some may fail in their attempts to manage the land, but many will be successful and those successes will be emulated. Through a process of experimentation -- trial, error and emulation -- people will come to learn how best to manage the land. The environment will then be managed in ways that are best for humanity as a whole, not according to the whims of a minority of eco-imperialists. Giving rights to people, not to the environment, is not only best for the people, but is also best for the environment. Philip Stott, Professor of Biogeography at the School of Oriental and African Studies, University of London, provides an eloquent deconstruction of the ideas that have led to the mythical western idea of the tropical rain forest, which has constrained our ability to understand the environments of developing countries and has enabled the eco-imperialist vision to flourish.
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Institute of Economic Affairs A Conversation with Harris and Seldon
From the mid 1950s to the late 1980s, Ralph Harris and Arthur Seldon, as general director and editorial director respectively of the IEA, battled against a conventional wisdom which was hostile to markets. Eventually, by force of argument, they overcame much of the resistance to market ideas, and in the process established the Institute's formidable influence in shaping both opinion and policy. This Occasional Paper begins with a transcript of a conversation with Harris and Seldon which provides many insights into how they worked and what obstacles they encountered. Eight distinguished scholars, each familiar with the work of the Institute, then provide commentaries which assess its influence on thinking and the challenge to government which it constituted during the Harris/Seldon years.
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Institute of Economic Affairs Regulation without the State: The Debate Continues
The rising tide of government regulation in most countries is provoking a reconsideration of the extent to which the state whould lay down rules for others. Self-regulation and other forms of voluntary rule-setting are being examined as substitutes for regulation by government. Readings 52 begins with a paper by John Blundell and Colin Robinson which analyses the forces behind government regulation, its shortcomings and the scope for voluntary regulation. Seven papers by distinguished commentators on regulation then examine Blundell and Robinson's conclusions.
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Institute of Economic Affairs Climate Change: Challenging the Conventional Wisdom
The world's climate is in constant flux: on time-scales from days to millennia, global and regional temperature, wind and rainfall patterns are changing. Over periods of decades and centuries, the most significant factor affecting climate appears to be changes in the output of the sun. Man's emissions of 'greenhouse gases' (GHGs) also play a role in altering climate. However, estimates suggest that only 30 to 40 per cent of the warming seen over the past century was caused by GHGs. Predictions made by the Intergovernmental Panel on Climate Change (IPCC) assume that most of the warming of the past century was caused by man's emissions and therefore overestimate the likely effect of future emissions. Better estimates suggest that if CO2 concentrations double, global-mean temperatures would rise by about 1.3 degrees centigrade with an upper limit of 2 degrees centigrade. Estimates by some of the world's most respected climate scientists suggest that even if a warming of 2 degrees centigrade does occur the impact on humankind will not be catastrophic; indeed agricultural productivity is likely to increase in many parts of the world, due to longer growing seasons and increases in uptake of CO2. IPCC lead authors have exaggerated the likely impacts of climate change in order to heighten public perception of the issue and thereby encourage governments to spend more on climate research. Between 1990 and 1995, annual US Government spending on climate research rose from $600m to $1.8bn. Estimates suggest that the cost of reducing CO2 emissions to 1990 levels by 2010 could be around 1 per cent of global output. Even assuming costs were only half that, the result would be less investment in the development of new technologies and considerable industrial downsizing, with consequent job losses. Furthermore, if significant natural climate change does occur in the next century - as it has over the past 100 years - then the cost of imposing limits on emissions of carbon dioxide and other trace gases might be even greater. Whether this natural climate variation causes the Earth to warm or to cool, the consequence of emission limits would be that fewer resources would be available for taking adaptive action (such as installing air conditioning units or heaters) Given the uncertainty about climate change, the precautionary principle implies that we should improve our understanding of the world's climate and do what we can to ensure that we are able to adapt most effectively. This means collecting better data, encouraging scientists to develop and test competing theories about the causes and consequences of climate change, freeing up the world's markets, and eliminating subsidies.
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Institute of Economic Affairs Accountants without Standards: Compulsion or Evolution in Company Accountancy
Statements of standard accounting practice (SSAPs) should be limited to disclosure requirements for listed companies and should not attempt to prescribe rules on measurement. There is little evidence that the growth of standards has produced any measurable benefits to the public.
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Institute of Economic Affairs Regulating Utilities: Broadening the Debate
Utility regulation has become not only a major area for academic research but an important economic policy issue. Every year the Institute, in conjunction with the London Business School, publishes a volume of Readings which provides an intellectual foundation for discussions about regulation. It reviews regulatory problems in Britain, considers how they might be solved and draws on the experience of other countries.
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Institute of Economic Affairs Cutting the Costs of Crime: The Economics of Crime and Criminal Justice
The author argues that public sector policing has largely failed to prevent crime and catch offenders. Alternative solutions include the encouragement of individuals to buy more protection in the market place, and the extension of the private provision of prison.
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Institute of Economic Affairs The Minimum Wage: No Way to Help the Poor
Lal analyses the effects of minimum wages on unemployment and training, and concludes that they increase unemployment and reduce the incentive to acquire skills
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Institute of Economic Affairs Do We Need the IMF and the World Bank?
Lady Thatcher's former economic advisor considers the performance of these two international institutions on their fiftieth anniversaries, and considers them in need of abolition or at least major reform.
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Institute of Economic Affairs Training Too Much?: Sceptical Look at the Economics of Skill Provision in the UK
There is still a consensus that British workers are unskilled in relation to their foreign counterparts and a considerable increase in government expenditure on training is needed if our relative economic performance is to be improved. This consensus exists even though it is difficult to find any positive correlation between the resources a country devotes to training and its rate of economic growth. State expenditure on training has risen from less than GBP1 billion in 1978 to nearly GBP3 billion by 1991 without any thought being given to the economic principles which should govern such expenditure. As a result, a large government-funded training industry has emerged, depending significantly on increased contributions from the taxpayer. If there has been a market failure in training, is it legitimate to argue that more money ought to be spent centrally? It is possible that the government is already spending too much on training or is diverting expenditure into the wrong channels. Unless there is clear evidence of the extent of market failure, we cannot judge whether the government is doing too much or too little to assist training provision. Education and training are vital to the economic prosperity of a nation but whenever government action is suggested as a remedy for market failure, the extent to which government fails should also be considered. Governments do have a powerful incentive to be seen helping the labour market at times of high unemployment but we should be sceptical of those who claim to know the labour market's training needs better than the individuals and firms involved. First published in 1992, the issues raised in this controversial publication are perennial. Shackleton's robust economic analysis of the economics of training ensure this books contemporary relevance.
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Institute of Economic Affairs Money, Credit and Inflation: Historical Indictment of United Kingdom Monetary Policy and a Proposal for Change
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Institute of Economic Affairs Market Socialism: A Scrutiny - "This Square Circle"
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Institute of Economic Affairs Have the Banks Failed British Industry?: Historical Survey of Bank/Industry Relations in Britain, 1870-1990
In this historical survey spanning 120 years, the authors attempt to find out if there is any truth in the allegation that Britain's economic decline has been exacerbated by the failings of the banking system.
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Institute of Economic Affairs Predicting the Unpredictable?: Science and Guesswork in Financial Market Forecasting
The author discusses how research in financial markets has evolved and whether the application of theories can ever be translated into 'excess profits'.
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Institute of Economic Affairs Human Nature and World Affairs: An Introduction to Classical Liberalism and International Relations Theory
Where do classical liberals stand on international relations? Does this differ from their views on domestic policy? And how does this stance vary from other liberal schools of thought? Here, author Edwin van de Haar draws on the writings of major classical liberal thinkers such as David Hume, Adam Smith, Ludwig von Mises and Friedrich Hayek to create an insightful and comprehensive overview of the classical liberal approach to foreign affairs. He delineates how classical liberals embrace a realistic view of human nature, recognising the basic social nature of individuals, yet acknowledging their propensity to quarrel, fight and use violence – and how this has consequently become an inevitable feature of international relations. He compares and contrasts this thinking with other forms of liberal thought, such as libertarianism, social liberalism and conservatism. And he also examines the much bigger difference between classical liberalism and non-liberal thinking on international relations. He argues that classical liberalism has a distinct, timeless and universalist approach to international relations – and that the unique ideas developed by classical liberal writers can, and should, be applied to contemporary world affairs.
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Institute of Economic Affairs The Future of the Commons: Beyond Market Failure & Government Regulations
Traditional economic models of how to manage environmental problems relating to renewable natural resources, such as fisheries, have tended to recommend either government regulation or privatisation and the explicit definition of property rights. These traditional models ignore the practical reality of natural resource management. Many communities are able to spontaneously develop their own approaches to managing such common-pool resources. In the words of Mark Pennington: '[Professor Ostrom's] book Governing the Commons is a superb testament to the understanding that can be gained when economists observe in close-up detail how people craft arrangements to solve problems in ways often beyond the imagination of textbook theorists.' In particular, communities are often able to find stable and effective ways to define the boundaries of a common-pool resource, define the rules for its use and effectively enforce those rules. The effective management of a natural resource often requires 'polycentric' systems of governance where various entities have some role in the process. Government may play a role in some circumstances, perhaps by providing information to resource users or by assisting enforcement processes through court systems. Elinor Ostrom's work in this field, for which she won the Nobel Prize in economics in 2009, was grounded in the detailed empirical study of how communities managed common-pool resources in practice. It is essential that we avoid the 'panacea problem'. There is no correct way to manage common-pool resources that will always be effective. Different ways of managing resources will be appropriate in different contexts - for example within different cultures or where there are different physical characteristics of a natural resource. Nevertheless, there are principles that we can draw from the detailed study of the salient features of different cases to help us understand how different common-pool resources might be best managed; which rules systems and systems of organisation have the best chance of success or failure; and so on. Elinor Ostrom's approach has been praised by the left, who often see it as being opposed to free-market privatisation initiatives. In fact, her approach sits firmly within the classical liberal tradition of political economy. She observes communities freely choosing their own mechanisms to manage natural resource problems without government coercion or planning. In developing a viable approach to the management of the commons, it is important, among other things, that a resource can be clearly defined and that the rules governing the use of the resource are adapted to local conditions. This suggests that rules imposed from outside, such as by government agencies, are unlikely to be successful. There are important areas of natural resource management where Elinor Ostrom's ideas should be adopted to avoid environmental catastrophe. Perhaps the most obvious example relevant to the UK is in European Union fisheries policy. Here, there is one centralised model for the management of the resource that is applied right across the European Union, ignoring all the evidence about the failure of that approach.
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Liberty Fund Inc Conversation with Lord Ralph Harris & Arthur Seldon DVD
As leaders of the Institute of Economic Affairs, or IEA in London for many years, Ralph Harris and Arthur Seldon pioneered the thoughtful application of free-market principles and greatly influenced public policy and economic thought throughout he world. Approximate running time: 59 minutes.
£19.80
Penguin Books Ltd Daylight Robbery: How Tax Shaped Our Past and Will Change Our Future
Death and taxes are our inevitable fate. We've been told this since the beginning of civilisation. But what if we stopped to question our antiquated system? Is it fair? And is it capable of serving the needs of our rapidly-changing, modern society? In Daylight Robbery, Dominic Frisby traces the origins of taxation, from its roots in the ancient world, through to today. He explores the role of tax in the formation of our global religions, the part tax played in wars and revolutions throughout the ages, why, at one stage, we paid tax for daylight or for growing a beard. Ranging from the despotic to the absurd, the tax laws of the past reveal so much about how we got to where we are today and what we can do to build a system fit for the future.Featured on Stepping up with Nigel Farage'An important book for investors in gold and bitcoin' - Daniela Cambone, Stansberry Research'This entertaining, surprising, contrarian book is a tour de force!' - Matt Ridley, author of The Evolution of Everything'In this spectacular gallop through history, Frisby shows how taxation has warped, stunted and thwarted human progress' - Mark Littlewood, Director General, Institute of Economic Affairs'Frisby's historical interpretation and utopian ideas will outrage Left and Right' - Steve Baker, MP for Wycombe and Member of the House of Commons Treasury Committee 'Fascinating book which exposes the political and economic basis of tax. A must read for those of us who believe in simpler, lower taxes' - Rt Hon Liz Truss, MP for South West Norfolk, Secretary of State for International Trade and President of the Board of Trade
£9.99