bluuebunny/crossref_metadata_2025 huggingface dataset:
Unions Bow before Winds of Change
Authors: Hanson Charles
Published: May 2006

The revolutionary agreement between the Japanese car manufacturer, Nissan, and the Associated Union of Engineering Workers (AUEW) at Nissan's Washington plant (top right) could herald an extraordinary change in British labour relations. Dr Charles Hanson (right) of the University of Newcastle upon Tyne, argues that British manufacturing must follow the Nissan example or the future will look bleak.
Doctors' Pay: Market, not state
Authors: Dennison Stanley R
Published: May 2006

Distortions of employment in the health care market can be laid squarely at the door of government. Professor Dennison (right), formerly Vice‐Chancellor of the University of Hull, reveals why even an imperfect market is preferable to a state monopoly.
No Efficiency without Profit
Authors: Barry Norman
Published: May 2006

In Economic Affairs July–September 1985 Peter Kellner argued that socialism was better than capitalism in using markets. Professors Norman Barry (pictured on p. 9), of the University of Buckingham, and David Myddleton (right), of the Cranfield School of Management, offer two contrasting defences of capitalism to reject Mr Kellner.
Tha Politics of Inflation
Authors: Mccrostie Michael
Published: May 2006

In the first of a new series analysing the micro factors which lie behind macro‐economics statistics, Michael McCrostie(right), of the University of Buckingham, demonstrates how inflation in the private sector runs well below the government‐sector rate. Government, he argues, is the guilty party.
Siren Voices on ‘Reflation’
Authors: Craven Barry
Published: May 2006

The growth in government spending and its resistance to reform can be explained through the activities of interest groups. Barry Craven (right), of the Newcastle‐upon‐Tyne Polytechnic, offers local experince to reinforce the argument of Rosalind Levaćić pp.4–8.
Peter Wynarczyk and Brian Snowdon
Authors: Wynarczyk Peter , Snowdon Brian
Published: May 2006

Two Keynesian economists, Peter Wynarczyk and Brian Snowdon, of the Newcastle upon Type Polytechnic, resist Professor Charles Rowley's argument that economic doctries can be falsified
4 Years to Abolish Unemployment
Authors: Kronsjö T. O. M.
Published: May 2006

Arguments for the reduction in unemployment in the UK have ranged from reflation to cuts in taxes (or benefits). Professor Tom Kronsjö (right), of the University of Birmingham, argues that return from work over benefits must be substantially increased if unemployment is to fall. His analysis is provocative, but his figures should stimulate thought and debate.
Keynes’ Legacy of Half‐Truths
Authors: Lydall Harold
Published: May 2006

The policy prescriptions of Keynes’ General Theory, published 50 years ago, continue to afflict the British economy with persistent inflation and unemployment Harold Lydall (right), Emeritus Professor of Economics at the University of East Angha, demonstrates how Keynes simply ignored the real‐world pressures which falsify his teachings
Arts Vouchers to Replace Grants
Authors: West Edwin G
Published: May 2006

The annual jostling among arts producers for Arts Council grants is symptomatic of a regressive system which taxes the poor to subsidise the leisure of the better‐off Edwin West (right), Professor of Econmics at Carleton University, Ottawa, Canada, argues for a voucher system to subsidise the less‐well‐off individually, and examines how apprehensive art bureaucrats torpedoed a British pilot scheme
Lord Aldington's Disservice to Wealth Creation
Authors: McEnery John
Published: May 2006

The habitual opposition to the growth of service industries from traditionalists and manufacturing interests is rehearsed in the Aldington Report on Overseas Trade John McEnery (right), former Under‐Secretary at the Department of Trade and Industry, and author of IEA Research Monograph Manufacturing Two Nations, condemns outmoded patterns of thought and recalls on the Upper House to abandon its manufacturing myopia
Dirigisme in Higher Education
Authors: Shackleton J. R.
Published: May 2006

The Government's proposals for higher education run contrary to its emphasis on individual choice J R Shackleton (right), Lecturer in Economics at the Polytechnic of Central London, calls for privatisation to encourage innovation in provision extend individual choice, and remove a sizable burden from the taxpayer
Free‐Trade Fillip for Large and Small
Authors: Knag Sigmund
Published: May 2006

Low taxes, free trade, and a ‘hands off’ government policy in the Isle of Man offer urgent lessons for less vibrant larger economies, argues Sigmund Knag (right), Co‐editor of the Norwegian political quarterly Ideer om Frihet
Housing Reform to ‘Create'Jobs
Authors: Minford Patrick , Ashton Paul , Peel Michael
Published: May 2006

Analyses of state intervention in the housing market often ignore its crippling effects, as a cause of massive unemployment Professor Patrick Minford (top), Paul Ashton (centre) and Michael Peel, of the University of Liverpool's Department of Applied Economics, call for wholesale removal tof state‐imposed rigidities in housing to increase the demand for labour, restore incentives, reduce distortions in the price of land and housing
Bureaucracy and Power without Responsibility
Authors: Harfley Keith
Published: May 2006

The pressures on the politician frying to impfement his party's election manifesto are often at variance with the interests of the departmental bureaucracy he expects to design his policies. Dr Keith Hartley, Director of the Institute of Social and Economic Research at the University of York, examines the direct interests of bureaucrats in their departmental budgets.
Political Pressure and Government Inaction
Authors: Barnes John
Published: May 2006

The origin of the decision to abandon the education voucher in 1983 can be found in objections to the scheme by Department of Education officials and political cold feet in the governing Party. John Barnes, Lecturer in Government of the London Schoof of Economics, now Vice‐Chairman of Kent County Council, orgues that, with the requisite political will, these obstacles could have been overcome much sooner.
Education Reform:Administrative Objections Over‐ruled
Authors: West E. G.
Published: May 2006

Mony of the objections to the introduction of reaf choice between schools were based on supposed ‘administrafive improcticobility’. E. G. West, Professor of Economics of Corleton university, Ottawa, shows how the objections can be refuted and wider choice grafter onto existing institutions.
American Health Care for All
Authors: Green David G.
Published: May 2006

Proponents of government provision of health care often refer to America as if the uninsured there were left to bieed to death in the streets. David Green, Research Fellow of the IEA, confutes this garish propaganda with the evidence of health core for all.
The ‘New Right’ Radicals
Authors: Spearman Diana
Published: May 2006

The ‘Right’ has generally been labelled reactionary by its opponents. The ‘New Right’ is radical in its diagnosis of social and economic malaise, and staunchly individuolist in its outlook. Diana Spearman hails the appearance of a new collection of essays by its adherents and sceptics.
Privatise The Royal Family?
Authors: Micklethwait Brian
Published: May 2006

Occasionally, light‐hearted contributions to Economic Affairs have attempted to dispel the notion that economics is all statistics and impenetrable jargon. Brain Micklethwait, an adherent of the Libertarian Alliance, turns his radical eye to the Royal Family, and argues that their involvement with government suppresses their potential earning power in the market. The denationalisation of the monarchy, he contends, would improve royal incomes and soothe anarchic consciences at the same time.
No Chinese Capitalism without Property Rights
Authors: Cheung Steven N. S.
Published: May 2006

The speed with which communist China has embuaced markets has surprised Western analysis and observers, But Chinese economic progress will founder in corruption and inefficiency, argues Professor Steven Cheung of the university of Hong Kong, untess she insitutes a well‐defined system of private property rights to safeguord investment and stimulate trade.
Practical Obstacles to the ‘Standard’
Authors: Cowen Tyler
Published: May 2006

Changes of units of account are faced with severe practical difficulties, argues Tyler Cowen, Post‐doctoral Fellow in Economics at George Mason University, Virginia. The Preferoble alternative to commodity based units of account is to be found in the private supply of new medio of exchange.
No Market Demand for Commodity Money
Authors: Currie David
Published: May 2006

The lessons of history, suggests Professor David Currie of Queen Mary College, London, are that financial imstitutions prefer state‐guaranteed monies to those supplied by private institutions.
Chernobyl: Tip of a Polluted Iceberg
Authors: Rostowski Jacek
Published: May 2006

The nuclear disaster ot Chemobyl has focussed attention on pollution behind the Iron Curtain Jacek Rostowski, Senior Lacturer in Economics at Kingston Polytechnic and Deputy Director of the Centre for Research into Communist Economies, examines how the closed societies of the Eastern bloc promote pollution in the absence of effective political checks.
What Dangers from Medical Monopoly?
Authors: Culver A. J.
Published: May 2006

Does the monopoly in the provision of health care by doctors in the united Kingdom obstruct the development of morkets, or is it the inevitable result of necessary specialisation? Dr Dovid Green, Research Fellow of the insitute of Economic affairs, has argued for the removal of the monopoly to establish consumer supremacy Professor A.J. Culyer of the University of Yorek Claims that Dr Green's solution will be ineffectual. Dr Green develops his argument.
Mortgage Tax Relief: Subsidy or Sematics?
Authors: Best Richard
Published: May 2006

Tax relief on mortgage interest wsa defended (Economic Affairs, October‐November 1985) by Professor John parry Lewis, Formerly at the University, of Manchester; Richard Best, Secretary of the inquiry into British Housing caaired by the Duke of Edinburgh, argues that the Inquiry recommended the obolition of relief as an integral part of a package of reforms intended to reduce housing shortages. Professor Parry Lewis stands his ground.
Institutional Reform to Tame Union Power
Authors: Rowley Charles K.
Published: May 2006

How far has the success of trade unions in obtaining political and economic privilege been attenuated by the laws passed by the Conservative Government? Charles Rowley, Acting Dean of the Graduate School and Professor of Economics at George Mason University, Virginia, assesses the effectiveness of the legislation and considers how much further reform will have to be carried to return the control of unions to their members.
Markets for Organs to Reinforce Altruism
Authors: Brams Marvin R.
Published: May 2006

The suggestion that a market in human organs should be allowed to enhance the supply of kidneys, corneasand other human parts given for transplant is likely to be met by outrage among economists and doctors alike. Marvin Brams, Professor of Economics at the University of Delaware, reveals how a market in organs can stimulate supply, relieve suffering and save lives.
Sanctions will Exacerbate Apartheid
Authors: Burton John
Published: May 2006

The imposition of sanctions, far from stimulating the economic independence of blacks, is likely to increase repression and bloodshed. John Burton, Research Director at the Institute of Economic Affairs, regrets the triumph of emotional impulse over common sense.
Restrictive Practices in South Africa's Labour Market
Authors: Siebert W. S.
Published: May 2006

Dr Stanley Siebert, of the University of Birmingham, complements Professor Williams' analysis with a detailed history of the measures South African whites have adopted to safeguard their privileged position in the South African economy.
Therapy for Capital Shock
Authors: Kantor Brian
Published: May 2006

The threat and imposition of sanctions has driven capital, including human capital in the shape of valued skills, out of South Africa. Professor Brian Kantor, of the University of Cape Town, assesses measures theSouth African Government has taken, and may take in the future, to cope with the disturbances sanctions willimpose. Internal liberalisation, he argues, could offset any net loss.
The Lessons of Africa's Market Tradition
Authors: Ayittey George B. N.
Published: May 2006

Africa has a lengthy tradition of markets which could be adapted to provide an indigenous solution to economic conflict in southern Africa. George Ayittey, a Ghanaian economist at present Professor of Economics, University of Bloomsburg, Pennsylvania, contrasts the 20th‐century oppression of black by black with the lessons of history.
The Politics of Housing Unmasked
Authors: Ricketts Martin
Published: May 2006

Proposed economic reforms often neglect to take into account the interests of groups which have benefitted from establishing or maintaining the status quo. Martin Ricketts, Reader in Political Economy at the independent University of Buckingham, assesses the political pressures that have produced regulation of the housing market, and suggests reform which accommodates realistic expectations of resistance from local politicians and subsidised tenants.
Collapse Through Collectivisation
Authors: Salin Pascal
Published: May 2006

International banks, stimulated by a government weakening of property rights, have over‐lent to uncredit‐worthy borrowers and precipitated a crisis in the international financial system, according to Professor Pascal Salin of the Université de Paris‐Dauphine. He argues that the return of responsibility can be accomplished only through o reliance on private ‐ not government ‐capital administered by bankers who bear the risk of their own actions, and sound monetary policies to restore the value of savings through the reduction of inflation.
Measuring the Size of the Shadow Economy
Authors: Schneider Friedrich , Hofreither Markus
Published: May 2006

Early issues of Economic Affairs contained an exchange of views on the size and development of the black economy, concentrating chiefly on the UK. Friedrich Schneider and Markus Hofreither, of the University of Linz, continue the debate with an examination of the methods used to analyse the underground or ‘shadow’ economy in many Western countries.
Economists Can Agree on Money and Inflation
Authors: Minford Patrick
Published: May 2006

The recent appearance of a series of books reveals a growing tendency towards agreement among economists on the analysis of money and inflation. Patrick Minford, Edward Gonner Professor of Applied Economics at the University of Liverpool, examines the new literature.
The Public‐Choice Approach to Dismantling Big Government
Authors: Smith Fred L.
Published: May 2006

Public‐choice analysis of the growth of government suggests that the size of the state could be reduced in the same way thai it has swollen: political coalitions on specific policies to overcome other vested interests. Fred L. Smith Jr of the Competitive Enterprise Institute in Washington, describes irs work to illustrate how it implements the ideas produced by academic orientated institutes.
Whither Classical Liberalism?
Authors: Barry Norman
Published: May 2006

Two British academics were invited to reflect on the argument of ten leading scholars including three Nobel Loureates) on the ‘unfinished’ agenda of economic liberalisation.* Norman Barry, Professor of Policits of the University of Buckingham, and David Collard, Professor of Economics at Bath University, present diverse sympthetic and sceptical judgements.
What Profit in Teaching Economics?
Authors: Parker David
Published: May 2006

The role of profit in stimulating entrepreneurial discovery is often misrepresented in economics teaching in schools at worst as capitalist greed and at best is usually ignored. David Parker, Senior Lecturer in Business Economics at the Polytechnic of Newcastle upon Tyne, considers the history of profit in economic analysis and calls for a fundamental re‐appraisal of its importance.
Competitive Unemployment Insurance in the Market Economy
Authors: Beenstock Michael
Published: May 2006

Protection, against unemployment through ‘national insurance’ ignores differences in the risk of unemployment and imposes a higher cost on the worse‐off. Professor Michael Beenstock, of the City University Business School, proposes the radical innovation of unemployment insurance supplied by the market to loosen rigidities in the supply of labour, discipline trigger‐happy employers, and reduce the burden of taxation.
Why Does Government Preserve Lame Ducks?
Authors: Copeland Laurence S.
Published: May 2006

The paradoxical behaviour of governments in preserving patently outmoded methods of production has previously been explained by the concentration of benefits from intervention compared with the diffusion of the costs, and by unwillingness to lose votes in marginal constituencies. Laurence Copeland, at the University of Manchester Institute of Science and Technology, suggests that the probable visibility of the ‘finger on the button’ is a more likely cause of the preservation of economic wildlife and calls for a policy of industrial disengagement by the Government to complement its financial strategy.
Negative Child Tax for Economic Efficiency
Authors: Hardie Alexandra
Published: May 2006

The Governments recent review of the social security system proposed to continue the payment of Child Benefit to rich and poor parents alike. Alexandra Hardie or the University of Exeter, examines the disincentive effects of the current system of universal child benefit and calls instead for its replacement by selective benefits to improve incentives to employment, simplify administration and concentrate state assistance where it is required.
Why Principal is Costly in Politics
Authors: Stroup Richard L.
Published: May 2006

The political ‘horse‐trading’ which David Stockman encountered in American politics is a feature of ‘representative democracy’ throughout the world, and is as readily susceptible to economic analysis as is trading in conventional markets. Professor Richard Stroup of Montana State University examines the pressures on buyers and sellers in the political market.
Will Politics Always Triumph?
Authors: Barnett Lord
Published: May 2006

Lord (Joel) Barnett contrasts David Stockman's experience of running the US Budget with his own of pressures inside the UK treasury as Labour Chief Secretary to the Treasury from 1974 to 1979. He concludes that a democratic system of goverment contains a built‐in check to the implementation of proposals for radical reform.
Political Ambivalence vs. Economic Rectitude
Authors: Parkinson Cecil
Published: May 2006

Pressures from bureaucracy and voters alide for disbursements from the ‘public’ purse carry much more political force than the desire to reduce government expenditure. Cecil Parkinson, Secretary of State for Trade and Industry in 1963, Considers the interests in the formulation of spending plans and argues that the politicion willpuf political feasibility before economic desiderato.
Economic Policy: Bold or Foolhardy?
Authors: Congdon Tim
Published: May 2006

The publication of a book by Professor Sir Alan Waiters, Personal economic adviser to Mrs Thatcher, provokes Tim Congdon of the stockbrokers L. Messel & Co., to examine the theoretical rationale of fiscal and monetary policy in the first few years of what detractors have called ‘the Thatcher experiment’.
British Telecom – Has Privatisation Delivered Competition?
Authors: Curwen Peter
Published: May 2006

What are the lessons for the privatisation of British Gas from previous flotations? Peter Curwen, Senior Lecturer in Economics at the Sheffield Polytechnic, charts the regulatory tangle in the telecommunications market and argues that privatisation on its own may not be enough to reduce the extent of regulation.
Privatise Central Banks to Stimulate Growth
Authors: White Lawrence
Published: May 2006

The advanced extent of political intervention in the financial markets of developing countries as a direct deterrent to growth. State‐run central banks distort the market allocation of funds and divert them from their most productive use. Professor Lawrence White, of New York University, argues for the privatisation of the world's central banks to stimulate growth, especially in the Third World.
Half‐Way House or Dead End?
Authors: Henderson Richard
Published: May 2006

Education vouchers ore conventionally attacked by commentators who prefer to maintain the dominance of the srate in the supply of education. Richard Henderson, of the stockbrokers Sheppards & Chase, analyses the vulnerability of vouchers to capture by pressure group and therefore argues for a genuine market in education without the compromise of vouchers.
Another Stick to Beat Teachers?
Authors: Robinson Ray
Published: May 2006

Dr Ray Robinson, of the University of Sussex, considers that the education voucher may be useful in, improving aspects of efficiency in the supply of education, but holds the proposals for its introduction to be untimely: the voucher has been presented as a measure to penalise bad teachers rather than as a stimulus to the good.
Italian Socialists Warm to Vouchers
Authors: Martino Antonio
Published: May 2006

The political transfer of decision in education from producer to consumer has so far foiled in Britain. But the device to achieve it, by replacing ‘free’ schooling by purchasing power for parents, continues to excite discussion in the USA, Canada, Australia, Sweden — and most recently in Italy, where it has been championed by socialist politicians and academics. Professor Antonio Martino of the University of Rome analyses the reaction to the declaration by Claudio Martelli, deputy leader of the Italian Socialist Party.
The Economics of Apartheid Politics
Authors: Reekie Duncan
Published: May 2006

Apartheid in South Africa is too often discussed in emotional or nationalistic terms. Professor Duncan Reekie, a Scottish economist now teaching at the University of the Witwatersrand in Johannesburg, analyses the economic aspects of the political forces working with and against eventual liberalisation.
The Political Control of Inflation
Authors: Laidler David
Published: May 2006

Monetary policy has not failed, argues Professor David Laidler, British economist now at the University of Western Ontario. The failure has been in not organising a political constituency opposed to inflation by persistent education of public opinion. This is a task for an alliance of Chicago neo‐classical economics, Austrian ‘anarcho‐capitalism’, and Virginia public choice.*
Political Extremism for Economic Dynamism?
Authors: Micklethwait Brian
Published: May 2006

Professor Mancur Olson's The Rise and Decline of Nations examines how established interest groups can retard national economic advance. Brian Micklethwaite considers that coalitions hostile to capitalism may do more than its friends to foster its development
Monopoly Manacles the Capital Market
Authors: Veljanovski Cento
Published: May 2006

The ‘political’ purpose of privatisation has been said to be to raise finance to offset government borrowing and to facilitate tax reduction. Cento Veljanovski, of University College, London, argues that the essential aim is rather to change from state monopoly to private competition, butthat the maintenance of monopoly inhibits this market process.
The Urgency of Profitable Losses
Authors: Shenoy Sudha R.
Published: May 2006

The central flaw in the policies both of privatising state‐owned assets and contracting out local authority services is that they protect existing producers. Sudha Shenoy, of the University of Newcastle, New South Wales, uses the ‘Austrian’ analysis of constant change in conditions of supply and demand to show why all producers must be exposed to the threat of loss from dissatisfied
How not to Privatise
Authors: Sampson Anthony
Published: May 2006

The outright gift of shares in formerly state‐owned industries would both deprive government of revenue with which it could cut taxes and delude new shareholders that their acquisitions do not entail risk os well as the prospect of profit, argues Anthony Sampson, Lecturer in Economics at Sheffield University.
Self‐Employment for Radical Individualists
Authors: Mather Graham
Published: May 2006

The rapid expansion in self‐employment is on important and unexpected feature of the British economy. Graham Mather, General Director‐Designate of the IEA, discusses the economic and political consequences and the legal framework that is influencing the rate of change from employment to selfemployment.
Why Exempt Doctors from the Market?
Authors: Charles Chris
Published: May 2006

The medical profession in the United Kingdom is almost completely protected from the dissatisfaction of patients. Chris Charles, a solicitor, calls for the abolition of restrictive practices in the NHS and the re‐establishment of consumer sovereignty.
Welfare Taxation: Opting Out to Shrink the State
Authors: Clark Colin
Published: May 2006

Spending on welfare has resisted reform and remains the biggest obstacle to cutting taxes in Britain. Colin Clark, now teaching at the University of Queensland, suggests the radical measure of allowing taxpayers to keep their taxes and choose between competing private suppliers of state health care, education, pensions, and other ‘services’.
State Spending: What to Cut, Where, and Why
Authors: Wood Geoffrey
Published: May 2006

The growth of government has abscured the erstwhile clarity of its tasks Geoffrey Wook, of City University Business School, considers cuts in state spending that would clarify the function of government, reduce its burden on the taxpayer, and re‐establish its central and limited purpose.
Conflict — The Engine of Economic Growth
Authors: McEnery J. H.
Published: May 2006

Opponents of the free market have criticised ifs ready espousal of competition between producers and consumers, and between differing interests and expectations. John McEnery, a former civil servant at the Department of trade with responsibility for co‐ordinafing negotiation, examines the centralist fallacy which allows socialism to claim that it reduces, even abolishes, conflict.
From Monetary Restraint to Closet Keynesianism
Authors: Healey Nigel M.
Published: May 2006

An examination of the Government's record suggests that although monetarist theory may survive intact. Mr Lawson has turned from monetarism to Keynesion counter‐cyclical demand management. Nigel Healey, Senior Lecturer in Economics at Leeds Polytechnic, charges that developments presented as technical adjustments conceal a fundamental change of direction in economic policy.
Parent Power to Privatise Schools
Authors: McCrum Michael
Published: May 2006

Making schools hostage to consumer satisfaction would both improve their standards and increase parents' ability to choose suitable education for their children. Michael McCrum, of Corpus Christie College. Oxford, and formerly Headmaster of Eton, argues that funding should be directed through consumers to stimulate their awareness of choice.
Vested Interests Oppose Consumers
Authors: Norcross Lawrence
Published: May 2006

Earlier attempts to overhaul the funding of education foundered in the face opposition from vested interests. Lawrence Norcross, Headmaster of Highbury Grove School in North London, warns that the educators will themselves require education if change is to be effective.
Schools as Self‐Seeking Syndicates
Authors: O'Keeffe Dennis
Published: May 2006

Per capita school funding is a high‐risk strategy. It would entrench the power of the schools as producers. Dr Dennis O'Keeffe of the Polytechnic of North London argues that schools must be responsive to the market.
School Grants a Bar to Consumer Sovereignty
Authors: Seldon Marjorie
Published: May 2006

Is funding by schools a stage towards or an obstacle to payment by parents? Marjorie Seldon, Chairman of FEVER, maintains that, once the finance is controlled by schools, they will not readily agree to its transfer to parent‐consumers.
Radical Reform, Not Piecemeal Progress
Authors: Ricketts Martin
Published: May 2006

Parents who send their children to schools arned with direct grants would not see themselves as fee paying consumers argues Dr Martin Ricketts of the University of Buckingham. The parents must command personal purchasing power.
Markets and Islam: A Nervous Alliance
Authors: Wilson Rodney
Published: May 2006

Religious restrictions on the operation of markets in Islamic countries do not necessarily depress consumer welfare in the view of Rodney Wilson, Senior Lecturer in the Economics of the Middle East at the University of Durham Traditional Islamic sanctions on free‐market activity may bring satisfaction in other forms, if at a cost the capitalist West might not find tolerable
Regulating Financial Services: How Severe are the Dangers?
Authors: Davis Robert R.
Published: May 2006

The Financial Services Act has been variously criticised for obstructing competition and increasing operating costs for the producers of financial services in Britain. Robert R. Davis, Commissioner at the Commodity Futures Trading Commission in Washington DC, argues that there are ‘public‐goods’ considerations to justify the imposition of the Act, and that its internal guarantees will check the growth of regulation. Len Ross, Principal Lecturer in Economics at the Polytechnic of Central London, maintains his earlier charge that the Act will do immense damage to British trade in financial services.
Fishing for Privilege
Authors: Dnes A. W.
Published: May 2006

The Common Agricultural Policy of the European Community has for year attracted widespread criticism from economists, politicians and many other commentators. The Common Fisheries Policy is less widely known but it. too, neglects the truths of economic analysis. Antony Dnes, Lecturer in Business Economics at the University of Edinburgh, demonstrates how the neglect by the EEC of private property rights in fisheries encourages inefficiency, damages fish stocks, and encourages fishermen to adopt practices against their long‐term interests.
The Social Limits to Markets
Authors: Plant Raymond
Published: May 2006

In spite of the failure of the old totems of socialism, much remains to offer contemporary socialists a body of ideas to which they can add strands of market thinking. But the market mentality, argues Raymond Plant, Professor of Politics at Southampton University, neglects values that socialists hold to be more important than mere efficiency.
Born‐Again Socialism?
Authors: Melnyk Andrew
Published: May 2006

The socialist espousal of markets must lead to the abandonment of insistence upon equality of outcome. Andrew Melnyk, Corpus Christi College, Oxford, compares socialism in theory, old and new, with socialism in practice, and warns of the dangers to efficiency front equalising incomes through the state.
Looking beyond the Market
Authors: Taylor‐Gooby Peter
Published: May 2006

The purview of market economics is incomplete because it ignores economic activity within the home, according to Peter Taylor‐Gooby, Lecturer in Social Policy and Administration at the University of Kent. Domestic relationships require a socialist framework to meet ‘need’ in a way that the market cannot.
Markets for Efficiency and Fairness
Authors: Levaćić Rosalind
Published: May 2006

The allocation and distribution of resources by the state has failed to achieve the egalitarian ends socialists had predicted. Rosalind Levaćić, Lecturer in Economics at the Open University, outlines the advantages of the market in raising incomes and socio‐economic status. Bureaucratic allocation should be replaced by personal purchasing power underpinned by redistributive taxation.
The Suppression of Private Provision
Authors: Davies Stephen
Published: May 2006

The contention that only the slate can equitably provide such public goods' education, sanitation, and law and order, is based on a misleading of history. The evidence is re‐examined by Stephen Davies, Lecturer in the Department of English and History at Manchester Polytechnic, to levcal that state provision was urged by vested interests, rather than a genuine concern for the poor, tor whom the market was increasingly providing.
Air Travel: Safety Through the Market
Authors: Chalk Andrew
Published: May 2006

Recurrent if intermittent crashes of passenger airliners usually provoke calls for wider and more stringent government regulation to ensure safety in the air. Andrew Chalk, Assistant Professor of Finance at the Southern Methodist University, Dallas, Texas, compares the poor record of state‐imposed standards with the corrective influence of the movements in share prices which follow a crash.
The Fiction of Neutral Inflation
Authors: Schwartz Eli
Published: May 2006

Though less frequent with the years, intermittent calls for ‘reflation’ to stimulate the economy can occasionally still be heard from Keynesian economists and politicians. Eli Schwartz, Professor of Economics at Leghigh University, Pennsylvania, examines the effects of inflation, anticipated and unanticipated, on participants in the economy. Professor Schwartz argues that, in spite of the short‐term political benefits, the longer‐term costs are so high that less myopic politicians may perceive the electoral advantages in tackling inflation.
‘Thatcherism’ without Thatcher?
Authors: Ashford Nigel
Published: May 2006

Have Mrs Thatcher's more radicol policies prepared the ground for a substantial restructuring of the British economy? Or is she merely responding to fundamental economic changes that are stimulating a response in the political market? Nigel Ashford, Senior Lecturer in Politics of the North Staffordshire Polytechnic, contrasts the Government's timid policy response with the electorate's increasing desire for economic liberalism, and examines the gulf between Conservative economic policy and the more truly radical ideas Mrs Thatcher is sometimes thought to promulgate.
Nicaragua and the Dead Hand of Planning
Authors: Elliot Nick
Published: May 2006

Daniel Ortega (above), President of Nicaragua, attracted attention after the Sandanista take‐over by declaring his intention to allow state and market to co‐exist. But his increased emphasis on the role of the state has severely impaired the wealth‐creating capacity of the attenuated private sector. Nick Elliott, Editor of The Moderate, surveys the damaging effects of Nicaraguan socialism.
Enterprise Zones: Incentive or Intervention?
Authors: Stoney Peter
Published: May 2006

In an attempt to revive employment in the regions of the UK the Government has introduced a series of Enterprise Zones and Free Parts in recent years. Peter Stoney, Lecturer in Economics and Business Studies at the University of Liverpool, argues that not only is the case in favour of such ‘incentives’ unprovable, but they do much to disguise the fundamental economic ills of the areas where they have been sited.
Capitalist Ideology or Socialist Delusion?
Authors: Nove Alec
Published: May 2006

In their book Socialism—The Grand Delusion Brian Crozier and Arthur Seldon presented arguments for the superiority of capitalism over socialism. Alec Nove, Emeritus Professor at the University of Glasgow, takes issue with their reasoning. Professor Nove agrees that the allocative efficiency of markets cannot be gainsaid. But he warns against applying arguments drawn from theories of perfect competition to the real world of uncertainty, mistakes, imperfect information and economic misjudgement. Brian Crozier responds that the evidence for the failure of socialism is irrefutable.
Computers versus Communism?
Authors: Richman Sheldon L.
Published: May 2006

Markets depend for their efficiency on the flow of information stimulated by entrepreneurial activity. The economic revolution stimulated by the advent of computers in the West could, argues Sheldon Richman of the Institute for Humane Studies, Fairfax, Virginia, lead to political revolution in the Eastern Bloc as governments become unable to restrict the flow of information to their citizens.
Own your own Whale
Authors: Majewski John
Published: May 2006

Neither inter‐governmental agreement nor the moral exhortations of conservationists have prevented the indiscriminate slaughter of whales. John Majewski, Claude R. Lambe Fellow at the Institute for Humane Studies, Faifax, Virginia, contends that as long as whales remain common property, the whalers will respond rationally in attempting to exploit them. He looks beyond temporary impracticability to suggest the means of enforcing private property rights to ensure the whales' survival.
Speculative Markets and Economic Complexity
Authors: Lachmann L. M.
Published: May 2006

The dramatic movements in share prices in the world's stock markets this autumn have provoked unrest among normally enthusiastic advocates of the free‐market economy. Ludwig Lachmann, formerly Professor of Economics and Economic History at the University of the Witwatersrand, Johannesburg, and one of the doyens of the Austrian School of economic analysis, suggests that although the defenders of capitalism must not argue away the drawbacks of speculative markets, they should not neglect the advantages of such activity in a reaction against recent volatility.
The Politics of Protection
Authors: Greenaway David
Published: May 2006

A variety of methods of controlling imports is available to governments who wish to protect domestic producers from foreign competition. The political choice of which device to use will often be dictated by the diffusion of costs and benefits among differing interest groups in society. David Greenaway, Professor or Economics at the diversity of Nottingham, examines the political market for protection.
European Air Transport — Uncabin the Consumer
Authors: Barrett Sean D. , Purdy Mark
Published: May 2006

The deregulation of air routes between London and Dublin has brought travellers the benefits of competition; and, hardly surprisingly, as prices have fallen the numbers making the journey have increased. Sean Barrett, Lecturer in Economics, and Mark Purdy of Trinity College, Dublin, compare the effects of liberalisation with those of the restricted entry to the European air transport market. How long, they ask, will the European consumer be denied similar benefits?
The 1987 US Stock Market Crash
Authors: Schwartz Anna J.
Published: May 2006

Will the Crash of 1987 be followed by a deep depression like the crash of 1929?Professor Anna Schwartz, who collaborated with Professor Milton Friedman in writing‘The Monetary History of the United States’, argues that the 1987 crash will only be followed by a severe recession if the Federal Reserve allows a collapse of the money supply as it did in the early 1930s.
The Lawson Boom in the Light of the Crash
Authors: Congdon Tim
Published: May 2006

Will the‘Lawson Boom’have the same consequences as that of Anthony Barber? Tim Congdon, of Shearson Lehman, argues that the rapid monetary growth of the past years could have serious consequences for inflation, unless the Government takes immediate preventative action.
The Share Price Collapse—Analysing the Wealth Effect
Authors: Budd Alan , Dicks Geoffrey
Published: May 2006

Alan Budd and Geoffrey Dicks, of the London Business School, analyse the importance of the‘Wealth Effect’and conclude that the decline in stock market prices should have little effect on the rate of economic growth.
Program Trading and Stock Index Futures: Blessing or Bane?
Authors: Cowen Tyler
Published: May 2006

’Program trading’and stock index futures and options are often blamed for stock market volatility, and especially so after the Crash. Professor Tyler Cowen, of the University of California at Irvine, claims that these new trading techniques have not added to volatility and that regulation could well increase it.
The Economics of Race and Discrimination
Authors: Majewski John
Published: May 2006

Argues that the poverty of minorities is rarely the result of discrimination. Cultural traits are far more important. State intervention to protect minorities effectively subsidises discrimination and free markets impose costs on the prejudiced.
The Case for Britain Joining the EMS
Authors: Healey Nigel M.
Published: May 2006

Nigel Healey, of Leeds Polytechnic, argues that Britain should join the Exchange Rate Mechanism of the European Monetary System. He claims that the EMS would provide an anchor for economic policy in the absence of effective targets for monetary growth.
The Argument Against
Authors: Batchelor Roy
Published: May 2006

argues that British membership of the European Monetary System would be inferior to a reformed system of monetary targets.
Employment in the US and the UK
Authors: Purchase Nigel
Published: May 2006

Why has the American economy been mo re successful than the British in creating new jobs? Nigel Purchase, of the stockbroker Sheppards, argues that the difference can be simply explained by the faster rate of earnings growth in Britain and proposes radical reform of the welfare system to create more jobs.
The New Palrave: For Readers Who Want to Know What Economists Think Port I: Description
Authors: Seldon Arthur
Published: May 2006

The appearance of a new Palgrave*, nearly a century after the original Dictionary, is an outstanding event in economic publishing. In Part I of his review, Arthur Seldon describes the 4‐volume‘New Palgrave’Dictionary of Economics and will assess it in Part II in the next issue.
Dependency and Unemployment Compensation
Authors: Ashton Paul
Published: May 2006

Paul Ashton of Liverpool University describes the effects on the unemployed of the social security system and concludes that radical reform is necessary to increase work incentives.
US Workfare: Neither Deliverance Nor Delusion
Authors: Addison John T.
Published: May 2006

Has workfare worked in the United States? Professor John Addison of the University of South Carolina describes the experiments with workfare in the United States and concludes that although more research is needed the idea could be adapted successfully for other countries including Britain.
Workfare: Ethics and Efficiency
Authors: Burton John
Published: May 2006

John Burton of Leeds Polytechnic argues that workfare offers a solution to some of the problems of unemployment. He specifically rejects the notion that workfare involves a reduction in freedom, yet suggests that there may be a case for state involvement in unemployment relief.
Workfare or Unfair?
Authors: Smart Barry
Published: May 2006

Dr Barry Smart of the University of Auckland in New Zealand argues that workfare has no justification and serves only to discipline the unemployed.
Real Wages and Employment: Four Great Economists: Pigou, Simons, Keynes and Hansen
Authors: Schwartz Eli
Published: May 2006

Professor Eli Schwartz of Lehigh University reviews the theories of Pigou, Simons, Keynes and Hansen concerning unemployment. He concludes that we are in a‘Pigovian’world where unemployment is due to defects in the labour market.
The Costs and Benefits of a‘Duty to Trade Fairly’
Authors: Fulop Christina
Published: May 2006

Christina Fulop of the City of London Polytechnic reviews the‘duty to trade fairly’which has been introduced to increase consumer protection and claims that it will not have the desired effect.
Privatisation in Canada: Recipe for Inaction
Authors: Block Walter
Published: May 2006

Dr Walter Block of the Fraser Institute in Vancouver, British Columbia, explains why the Canadian government has no justification for its slow progress towards privatisation.
The Eatwell‐Milgate‐Newman Dictionary Enlightenment or Ideology? Part II: Assessment
Authors: Seldon Arthur
Published: May 2006

Arthur Seldon continues his appraisal of the four million‐word‘New Palgrave’Dictionary of Economics, potentially the most influential book of reference for students, teachers, and consumers of economics in industry and government.
How to De‐politicise Local Government
Authors: Minford Patrick
Published: May 2006

What will be the consequences of the Community Charge? Professor Patrick Minford argues that the poll tax will de‐politicise local government.
Local Government as Efficient Government
Authors: Jackson P.M.
Published: May 2006

What is the proper role of local government? Professor P.M. Jackson of Leicester University argues that local government deserves more support it gets. It can operate as a valuable counterweight to the centralising tendencies of national government.
Local Government in the UK: An Historical Perspective
Authors: Healey Nigel M. , Leach Bob
Published: May 2006

Nigel Healey and Bob Leach of Leeds Polytechnic Policy Research Unit put the current controversies over local government into historical perspective.
A Policy for the National Health Service, Part I
Authors: Minford Patrick
Published: May 2006

How is the NHS to be reformed? Professor Patrick Minford of Liverpool University, in the first of two articles, proposes a scheme for the reform of the National Health Service.
How to Overcome Resistance to Reform in Eastern Europe? Buy out the Apparatchiks
Authors: Winiecki Jan
Published: May 2006

How to overcome resistance to reform in Eastern Europe? Professor Jan Winiecki of Warsaw University argues that the Apparatchiks should be bought out.
Ireland's Experiments with Pseudo‐Keynesianism
Authors: Barrett Sean D.
Published: May 2006

How stands the Irish economy? Sean Barrett of Trinity College, Dublin examines the economic problems facing Mr Haughey's government.
Opportunity Cost and Unemployment: Question and Answer in‘A’Level Economics
Authors: Dawson Graham
Published: May 2006

Graham Dawson, who has taught economics at Bedford High School for twelve years, gives a model answer to a question that could be found in any‘A’Level examination.
Why the Current Credit Boom is No Bad Thing
Authors: Matthews Kent
Published: May 2006

Does the credit boom imply on increased danger of inflation? Kent Matthews of Liverpool University argues that the current credit boom does not imply a potentially inflationary increase in the money supply.
Why Britain Needs a Monetary Anchor
Authors: Warburton Peter
Published: May 2006

Does sterling's link with the deutschmark provide a substitute for monetary control? Peter Warburton of Shearson Lehman reverses the usual argument and claims that exchange rate stability with the deutschmark depends on adequate control of monetary growth.
The Monetary Services Index
Authors: Batchelor Roy
Published: May 2006

Professor Roy Batchelor of the City University Business School claims that conventional measures of the money supply are unsatisfactory. He proposes instead a Monetary Services Index, but concludes that the new index would be unsatisfactory as a target.
The Efficient Market Hypothesis and the Stock Market Crash A Random Walk With an Occasional Surprise
Authors: Hardie Dr Alexandra
Published: May 2006

In the first of a regular new series of Special Briefs which will review developments in economic theory and their practical implications, Dr Alexandra Hardie of Exeter university explains and analyses the efficient market hypothesis.
Private Control of the Money Supply: The English Experiment 1694‐1930
Authors: Santoni G. J.
Published: May 2006

Would private ownership of the Bank of England improve monetary control? G. J. Santoni of the Federal Reserve Bank of St Louis argues that when the Bank of England was privately owned control of the money supply was tighter and inflation lower than under government control.
Deregulating the Securities and Investments Board
Authors: Veljanovski Cento , Gray Joanna
Published: May 2006

Will the Financial Services Act improve consumer protection for investors? Cento Veljanovski and Joanna Gray argue that the SIB's rules are unnecessarily onerous and that a far simpler and inexpensive system would be compatible with the Act and protect investors adequately.
Analysing the Problem of America's Homeless
Authors: Tucker William
Published: May 2006

Why is there so much apparent poverty in America? William Tucker, New York correspondent of The American Spectator, argues that the increasing numbers of‘bag ladies’and 'street people’are the result of rent controls.