Most supporters of the free market agree that high taxes are harmful to overall living standards and economic activity. But it is often less than clear why this is, even to opponents of taxation. In this think piece, Terry Arthur uses insights from the Austrian school to demonstrate clearly why it is that taxes are so bad, and that anybody who believes in free trade between countries cannot but follow that through to also believe in free trade within countries through lower taxes.
No country has suffered more because of the euro than Ireland. In this think piece, David Howden argues that Ireland and Iceland offer contrasting paths from financial collapse, with Iceland on the road to recovery and Ireland on the road to nowhere. If Ireland wants to change course, it's time for it to say goodbye to the euro.
Can countries leave the eurozone? Yes, says Gabriel Stein, but with some difficulty. In this article, the Director of Lombard Street Research outlines the challenges and mechanics of leaving the Economic and Monetary Union of the EU. It wouldn't be easy, but it might be some eurozone countries' only hope of economic recovery.
Jon Moulton is a top businessman and insolvency expert. In this think piece, adapted from a speech to the Economic Research Council, he argues that the government's current policies amount to a deferral of pain onto the next generation through borrowing and artificially-low interest rates. This will ultimately lead to much worse pain in the long run.
In this extract from his new book, Chasing Rainbows, Tim Worstall fires a broadside against the environmentalist lobby and argues that the conventional 'solutions' to climate change don't even meet the environmentalists' own standards and defy their own advice. The book takes on the global warming alarmists on their own terms by accepting the IPPC’s science and using logic and economics to argue that the ends that environmentalists want is best achieved through more globalization and freer markets, not government interventions like cap-and-trade.
In this article, Dr Eamonn Butler argues that the UK is facing another financial crisis as early as 2019. He claims the next crisis will be caused by us promising ourselves state healthcare, pensions, and other benefits that our taxpaying children won't be able to afford to pay off.
Britain's debt is spiralling and, even after the Comprehensive Spending Review, it is set to reach critical levels by 2018 unless radical action is taken to change course. In this paper Miles Saltiel tackles the country's intergenerational obligations – that is, spending on healthcare, welfare, pensions and education – and shows that we urgently need to radically review the state's relationship with the people to avoid fiscal catastrophe along Irish lines.
In this think piece, Karthik Reddy identifies the main problems in the UK aviation industry, particularly the government's regulation of airport slots which creates perverse incentives for airlines to waste these slots rather than sell or share them to use them efficiently. Reddy argues that deregulation of airport slots would reduce the artificial scarcity of these slots as well as other inefficiencies in the system caused by government regulation of aviation.
In this briefing paper, Karthik Reddy argues that the British constitutional arrangement has changed such that traditional checks and balances against governmental abuses of power have been lost, and says that a codified constitution is needed which clearly articulates the limits to parliamentary sovereignty. Reddy argues that the Prime Minister's presidential powers must be recognised and responded to by separating the executive from the legislature and making the office of Prime Minister directly electable by the British people, with parliament acting as an independent legislative balance against the executive.