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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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Not all regulations are equal
By Dr Madsen Pirie
Our civil servants famously insist on enforcing all regulations. We gold-plate directives from the EU, so they affect us more than other member states. It is obvious, nonetheless, that some regulations matter more than others. It might cause concern to have 5,000 gallon fuel containers stored next to primary schools, but the risk caused to us by someone selling cheese by the pound instead of the kilo is minimal. As a first step to sensible regulation we should grade all regulations. The ones which put life and limb at risk should be designated as grade-1, whereas those which hardly affect anyone should be given grade-5. Given limited resources to deploy in enforcement, we obviously have to put them into areas which matter. Breach of grade-1 rules might carry a serious penalty, whereas anyone breaking a minor rule could be let off with a caution. Since the inspectors would be directed to cover important areas, the chances are that small businesses would not be bothered overmuch with the annoying trivia which eats into their time and costs without benefitting anyone. As well as bringing some common sense to regulation, this would have the added advantage of exposing sham deregulation. If all that were abolished were grade-5 rules concerned with selling meths on Sunday or brewing mead, we would spot the exercise for the hype and spin it was. Feedback
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Adam Smith Institute Tel +44 (0)20 7222 4995
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. |