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The Adam Smith Institute
The Adam Smith Institute is the UK's leading innovator of free-market policies. Named after the great Scottish economist and author of The Wealth of Nations, its guiding principles are free markets and a free society. It researches practical ways to inject choice and competition into public services, extend personal freedom, reduce taxes, prune back regulation, and cut government waste.
The Institute is politically independent and non-profit. It works through research on policy options, publications, conferences and seminars, and helping to shape public debate in the media and among opinion-formers. Blogosphere
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Arnold Schwarzenegger must win
By Dr Madsen Pirie
 It would be very good news for California if Arnold Schwarzenegger becomes their new governor after October 7th. Good news for Madsen Pirie, of course, because I stand to win a bet placed three and a half years ago with William Hill, Britain's leading bookie. Good news for California because he offers a new way. Arnie holds an economics degree and reveres Adam Smith and Milton Friedman. Moreover he knows how economies work and what motivates people. Millions of Californians face a three-fold increase in car taxes next week, but Arnie plans to lower taxes. He intends to ride the Laffer Curve so that more business comes in, more start up, and more jobs and wealth are created. That means more prosperity and more revenue generated by the new economic activity. The 1980s tax cuts by Reagan in the US and Thatcher in the UK both brought in more revenue at the lower rates, and both saw the richest ten percent paying a higher proportion of the income tax total. Hey, lower taxes, more to spend and the rich paying a fairer share? He'll be returned. Feedback
Please note: as of September 2005, all comments, as well as the comment posting facility moved to our new blog.
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Adam Smith Institute Tel +44 (0)20 7222 4995  Adam Smith (1723-1790)
Adam Smith was the great Scottish philosopher and economist best known for "The Wealth of Nations", his pioneering book on free trade and market economics.
A wide selection of material about Adam Smith is now available on the Adam Smith website. This includes the full text of his two major works, The Theory of Moral Sentiments and The Wealth of Nations. |