Institute of Economic Affairs

The IEA is the UK’s original free-market think-tank, founded in 1955. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. Given the current economic challenges facing Britain and the wider global environment, it is more vital than ever that we promote the intellectual case for a free economy, low taxes, freedom in education, health and welfare and lower levels of regulation.

The IEA also challenges people to think about the correct role of institutions, property rights and the rule of law in creating a society that fosters innovation, entrepreneurship and the efficient use of environmental resources.

The IEA is an educational charity (No CC 235 351) and independent research institute limited by guarantee. Ideas and policies produced by the Institute are freely available from our website for any individual or organisation to adopt, but we do not “sell” policy. The Institute is entirely independent of any political party or group, and is entirely funded by voluntary donations from individuals, companies and foundations who want to support its work, plus income from book sales and conferences. It does no contract work and accepts no money from government.

Established in 1955 by the late Sir Antony Fisher and Lord Harris, the IEA’s first Director General, and joined by Arthur Seldon as the first Editorial Advisor, the IEA has a long and proud history.


Latest reports

Robin Hood in reverse

This report from UK think tank the Institute of Economic Affairs looks at foreign aid spending in regions that are richer than parts of the UK. UK Official Development Assistance (ODA) spending has gone to regions of upper-middle-income countries with GDP per capita figures equal to or in excess of those reported in large parts...

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Rent control: does it work?

This report from UK think tank the Institute of Economic Affairs looks at whether rent control works. Rent controls have well-intentioned goals, including reducing rental burdens and ensuring access to affordable housing. But these regulations can generate unintended consequences, stifling housing supply, reducing labour mobility, and driving up rents in unregulated dwellings. Market distortions caused...

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Calories out

This report from UK think tank the Institute of Economic Affairs looks at the unintended consequences of food reformulation. Since 2015, the UK government has worked with the food industry to reformulate a wide range of food products to reduce sugar, fat and calorie content. The industry has been given the target of lowering the...

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An introduction to taxation

This report from UK think tank the Institute of Economic Affairs explores the principles that would define a better and simpler tax system. Taxation may be necessary to fund public services, but policymakers must consider its moral and economic costs. Most taxes are overly complex, politically skewed, and often cause more economic harm than good....

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Why a trophy hunting ban would hurt conservation and development

This report from UK think tank the Institute of Economic Affairs discusses why a trophy ban would hurt conservation and development. The rationale for import prohibitions or restrictions is normally protectionism, e.g., protecting domestic industry from foreign competitors. The rationale for the prohibition on hunting trophy imports could better be described as ‘illiberalism.’ In its...

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Shadow expenses

This report from UK think tank the Institute of Economic Affairs provides a list and numerical count of regulatory measures across the six largest parties by vote share. The general election campaign has focused on tax and spending promises, with much less attention paid to proposed regulatory measures. Regulations often have well-intentioned goals, including protecting...

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The quantity theory of money: a new restatement

This report from UK think tank the Institute of Economic Affairs emphasises the importance of a broadly defined money aggregate in the determination of nominal national income and wealth. The overwhelming majority of economists were wrong in their forecasts about the consequences of the Covid-19 pandemic. They believed that it would result in years of...

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You do not exist

This report from UK think tank the Institute of Economic Affairs offers a fresh perspective on the George Orwell classic dystopia 'Nineteen Eighty-Four'. To celebrate the 75th anniversary of the UK publication of George Orwell’s classic dystopia Nineteen Eighty-Four (8 June 2024), the Institute of Economic Affairs (IEA) is republishing the novel with a new...

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Debanked

This report from UK think tank the Institute of Economic Affairs examines the economic and social consequences of anti-money laundering regulation. Debanking became a news story in 2023 when Nigel Farage alleged that Coutts had closed his account because its executives disapproved of his political opinions. A study by the Financial Conduct Authority (FCA) revealed...

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Imperial measurement

This report from UK think tank the Institute of Economic Affairs offers a cost–benefit analysis of western colonialism. In recent years, we have seen a renewed interest in Britain’s imperialist past: the British Empire, the slave trade and the Caribbean slave labour plantations. More precisely, we have seen a revival of the idea that the...

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Home win

This report from UK think tank the Institute of Economic Affairs discusses a future scenario where Britain has solved its housing crisis. This paper is written in the style of a report from the future (the year 2035), or more precisely, from a possible future, in which Britain has successfully solved its housing crisis. Looking...

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Wealth generation

This report from UK think tank the Institute of Economic Affairs looks at how to boost income mobility in the UK. Many argue that income mobility is declining. This applies to all types of income mobility (relative and absolute; intergenerational and intragenerational). As remedies, those who worry and others who want to improve mobility tend...

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Graphic content

This report from UK think tank the Institute of Economic Affairs looks at how red tape is fuelling the cost of living crisis. Red tape significantly contributes to the higher cost of living in the United Kingdom. The Consumer Price Index increased by 80% between 2000 and 2023. However, there is significant price variability across...

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The experience of free banking

This report from UK think tank the Institute of Economic Affairs looks at a banking system in which banks issue their own notes under competitive conditions. Free banking is a banking system in which banks issue their own notes under competitive conditions while typically operating on a commodity standard, in the absence of a central...

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Prohibition 2.0

This report from UK think tank the Institute for Economic Affairs critiques the generational tobacco ban. The UK government is proposing a generational ban on tobacco sales to anyone born after 2008, overturning the fundamental principle that adults should have autonomy over their own bodies. The generational ban will create absurd situations, such as a...

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