Search results for ""Institute of Economic Affairs""

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.

Read more less

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.

Read more less

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.

Read more less

Lal analyses the effects of minimum wages on unemployment and training, and concludes that they increase unemployment and reduce the incentive to acquire skills

Read more less

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.

Read more less

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.

Read more less

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.

Read more less

The author discusses how research in financial markets has evolved and whether the application of theories can ever be translated into 'excess profits'.

Read more less

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.

Read more less

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.

Read more less

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.

Read more less

When Lord Harris of High Cross (Ralph Harris) died in October 2006, at the age of 81, the tributes to him described him as one of the 'men who changed Britain'. Friends and opponents alike acknowledged that Ralph, in his role as General Director of the Institute of Economic Affairs (IEA) and in partnership with his friend, Arthur Seldon, had been instrumental in providing the ideas and the intellectual entrepreneurship that sparked the 'Thatcher revolution' of the 1980s, transforming the British economy from one of the worst performers among developed countries to one of the best. This book selects from Ralph's considerable opus, revealing that economics need not always be a 'dismal science'. Economic analysis was, in the hands of Ralph Harris, deployed to great effect in plain language and with a wit and wisdom that made it fun.Colin Robinson's Introduction places Ralph Harris' work in context and provides an invaluable insight into the author's beliefs and personality.Ralph Harris in His Own Words will be warmly welcomed and read by academics and researchers of economics, politics and the history of ideas as well as those interested in the work of the Institute of Economic Affairs.

Read more less

This volume is the latest in an annual series, published in association with the Institute of Economic Affairs and the London Business School, which provides an up-to-date review of the state of utility regulation in Britain, with some relevant overseas comparisons. The book, edited and with an introduction by Colin Robinson, covers many of the major issues and significant developments in the field of regulation and competition policy. In each case, essays by expert contributors are followed by the views of the sector regulator.This volume will prove invaluable to practitioners, policymakers and lawyers involved in monopoly regulation, regulatory reform and deregulation.

Read more less

Every year the Institute of Economic Affairs and the London Business School publish a volume of essays about Britain's system of utility regulation, with additional discussion of regulation in other countries. The book is a must for those interested in regulation, because it is an up-to-date review of the major issues in the field and includes the views of the sector regulators and the general competition authorities.Two papers are presented on each issue: the first by a distinguished academic or other expert and the second, a shorter comment, usually by the relevant regulator.

Read more less

This pathbreaking collection brings together a selection of work by Nobel Prize winning authors from the archives of the Institute of Economic Affairs. The laureates whose work is featured made an important contribution to economists' understanding of a market economy. Nevertheless, it is unlikely that the editors, the publishers or the authors of these outstanding articles would have predicted quite how widespread and important their influence would be. The editors have chosen works to demonstrate the challenge raised by these authors to the socialist consensus of the time amongst both academics and politicians. The volumes are organised by theme, examining issues such as monetary policy, unemployment, and government regulation, as well as considering the power of language and ideas.

Read more less

Protectionism is back on the agenda as the financial crisis deepens. With calls for measures that purport to protect low income workers growing louder in the West, it is essential that the economic arguments in favour of free trade and globalization are re-emphasised.Philip Booth and Richard Wellings have brought together key papers originally published by the Institute of Economic Affairs, which, for the past 50 years, has been vigorously defending the case for free trade, and for globalization more generally. These important papers, which are not widely available, trace the development of the debate on the benefits of free trade during the last 50 years.The editors have written an authoritative introduction which offers a comprehensive overview of the arguments for and against globalization.

Read more less

Governments, Competition and Utility Regulation continues the series of annual books, published in association with the Institute of Economic Affairs and the London Business School, which critically reviews the state of utility regulation and competition policy. The book contains incisive chapters on competition policy and trade, antitrust and consumer welfare, merger control and efficiency, emissions trading, Ofcom and convergence, energy regulation and competition, regulating the London Underground, the future of water regulation and European merger control.Chapters on each topic are followed by comments from regulators, competition authority chairmen and other experts in the relevant fields. The book provides analysis of and commentaries on the most significant developments in regulation and competition policy, drawing on experiences in Britain, the United States and the European Union, as well as in international trade negotiations. It will be of value to practitioners, policymakers and academics who are concerned with regulation, deregulation and policies to promote competition.

Read more less

Regulating Utilities and Promoting Competition continues the series of annual books, published in association with the Institute of Economic Affairs and the London Business School, which critically review the state of utility regulation and competition policy.With contributions by some of the leading figures in the field, this important new book presents incisive chapters on a number of prominent topics. These include, amongst others, the future of the railways, the international trade in gas, the economics and politics of wind power and the role of economics in merger reviews. A key feature of the book is the careful examination of fundamental issues, not only from the viewpoint of academic and other independent commentators, but also by the regulators and heads of competition authorities themselves. By addressing significant developments both in Britain and abroad, the authors draw important lessons about the policy changes needed as well as their subsequent implementation. This book will be of great value to practitioners, policymakers and academics alike who are concerned with regulation, deregulation and policies to promote competition.

Read more less

This book is the latest annual review of utility regulation and deregulation, published in association with the Institute of Economic Affairs and the London Business School. It contains a series of chapters from leading practitioners in the field which comment on the most significant and up-to-date developments. Topics include US telecoms deregulation, road network regulation, UK competition policy, Ofcom and light touch regulation, railway regulation, the liberalisation of European utility markets, postal regulation, investment and regulation, and energy regulation in the UK. Two papers are presented on each issue: the first by a distinguished academic or industry expert and the second, a shorter comment, usually by the relevant regulator. Together they show how regulation and deregulation are evolving, and highlight the successes which have been achieved and the failures which must be overcome. This book will be of considerable value to practitioners, policymakers and academics involved in regulatory reform and regulatory economics. It will also be of interest to anyone wishing to gain an overview of international regulatory policies.

Read more less

In this book, the latest volume in the annual series published in association with the London Business School and the Institute of Economic Affairs, some of the main issues in UK and EU utility regulation and competition policy are discussed. Topics examined include the new electricity and gas trading markets, regulating the railways, introducing competition into water, telecoms and Ofcom, opening EU gas and electricity markets, the 1998 Competition Act, EU merger policy and a general review of privatisation and regulation in Britain. Essays by expert commentators are followed in each case by comments from the relevant regulator.Contents: Introduction - Colin Robinson 1. The New Electricity Trading Arrangements in England and Wales: A Review - David Currie, Chairman's Comments - Callum McCarthy 2. A Critique of Rail Regulation - Dieter Helm, Chairman's Comments - Tom Winsor 3. Moving to a Competitive Market in Water - Colin Robinson, Chairman's Comments - Sir Ian Byatt 4. The New Gas Trading Arrangements - George Yarrow, Chairman's Comments - Eileen Marshall 5. A Review of Privatisation and Regulation Experience in Britain - Irwin M. Stelzer, Chairman's Comments - Stephen Littlechild 6. Converging Communications: Implications for Regulation - Mark Armstrong, Chairman's Comments - David Edmonds 7. Opening European Electricity and Gas Markets - Graham Shuttleworth, Chairman's Comments - Clare Spottiswoode 8. Concurrency or Convergence? Competition and Regulation Under the Competition Act 1998 - Tom Sharpe QC, Chairman's Comments - Geoffrey Horton 9. Ten Years of European Merger Control - Paul Seabright, Chairman's Comments - Derek Morris

Read more less