Institute of Economic Affairs

The Institute of Economic Affairs (IEA) is a London-based, influential, rightwing think tank. It is part of a very wide international network of similar organisations, offering financial, operational and strategic support to a large number of these. Among many other groups, via its founders Antony Fisher, Ralph Harris, and Arthur Seldon, it spawned the Atlas Economic Research Foundation, the University of Buckingham, and the International Policy Network. The IEA manages the funding of the Centre for Research into Post-Communist Economies [1]

The IEA enjoyed its highest influence during the Conservative Party administration of Margaret Thatcher. Milton Friedman believes the IEA's intellectual influence was so strong that "the U-turn in British policy executed by Margaret Thatcher owes more to him (i.e., Fisher) than any other individual." [2]

The IEA describe their mission as being "...to improve public understanding of the fundamental institutions of a free society, with particular reference to the role of markets in solving economic and social problems."

History

In 1945 Antony Fisher went to the London School of Economics to see F. A. Hayek. Fisher shared Hayek's belief in the dangers growing government power presented for the future. He was determined to embark on a political and parliamentary career in order to shift discussion and policy away from the prevailing consensus on planning and Keynesian economics. Hayek dissuaded Fisher from politics by arguing that the decisive influence in the battle of ideas rested with intellectuals, and hence, the way forward would be to establish a body which could engage in research and influence 'intellectual' opinion in order to win over the opinion of those in the universities, the schools and the media.

Ten years after that initial meeting with Hayek, Fisher was financially in a position to create the research institute they had discussed. Ralph Harris (later created Lord Harris) and Arthur Seldon were instrumental in establishing the IEA.

The IEA's goal is to explain free market ideas to the public, including politicians, students, journalists, businessmen, academics and anyone interested in public policy.

The core belief of free-marketeers is that people should be free to do what they want in life as long as they don't harm anyone else. On the whole, society's problems and challenges are best dealt with by people and companies interacting with each other freely, without interference from politicians and the State. This means that government action, whether through taxes, regulation or laws, should be kept to a minimum. IEA authors and speakers are therefore always on the lookout for ways of reducing the government's role in our lives.

The IEA's main activity is a programme of researching and publishing books (up to 20 a year) and a quarterly journal on various public policy issues. The IEA usually commissions outside authors to do the work, though some is done in-house by IEA staffers. The IEA holds an extensive series of conferences, seminars, lectures and working lunches to discuss its themes (50-80 events a year). There is also a student outreach programme.

The IEA is a registered educational and research charity. As such it 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, accepts no money from government and is independent of any political party.

The IEA website boasts that the organisation has played a major role in the proliferation of conservative think tanks around the world. "Since 1974 the IEA has played an active role in developing similar institutions across the globe. Today there exists a world-wide network of over one hundred institutions in nearly eighty countries. All are independent but share in the IEA's mission," its website states. [3]

Funding

The IEA is a registered educational and research charity (No CC 235 351). As such it 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, accepts no money from government and is entirely independent of any political party or group.[4]

Publications

The Institute has an ambitious publishing programme. IEA papers are arranged in a series of titles, each with its own 'brand image'. The main series of publications is complemented by the Institute's quarterly journal Economic Affairs [5].

The Institute's research activities are aided by a distinguished international Academic Advisory Council and an eminent panel of Honorary Fellows. Together with other academics they review all prospective IEA publications. Their comments are passed on anonymously to the authors. This process means that all IEA papers are subjected to the same rigorous independent blind-refereeing process that is used by leading academic journals. The views expressed in IEA papers are those of the authors and not of the Institute (which has no corporate view), its Trustees, Directors or Advisers.

Some ten economists engaged in the IEA’s work have gone on to win the Nobel Prize in Economics: Gary Becker, James M. Buchanan, Ronald Coase, Milton Friedman, Friedrich Hayek, John Hicks, James Meade, Douglas C. North, Vernon L. Smith and George Stigler. The condensed version of Hayek’s The Road to Serfdom has been republished by the IEA [6], while the work of Nobel Prize Winners is reprinted in The Road to Economic Freedom[7] with a foreword by Margaret Thatcher[8]. The IEA has also recently published groundbreaking research in areas such as business ethics, economic development, education, pensions, regulation, taxation and transport.

Personnel

• John Blundell, Director General,
• Christine V Blundell, Operations Director
• Professor Philip Booth, Editorial and Programme Director
• Dr Richard Wellings, Deputy Editorial Director
• Adam Myers, Director of Marketing and Subscriptions
• Clare Batty, Executive Assistant to the Director General and Company Secretary
• Rebecca Connorton, Events Manager
• Bob Layson, Sales Manager
• Nick Keech, Accounts Manager
• Anna Malinowska, Website Administrator

IEA Fellows

• Terry Arthur
• James Bartholomew, IEA Social Policy Fellow
• Keith Boyfield, IEA Regulation Fellow
• Dr Robert L Bradley, IEA Energy and Climate Change Fellow
• Professor Tim Congdon
• Professor Dennis O’Keeffe, IEA Education and Welfare Fellow
• Richard D North, IEA Media Fellow
• Professor John Spiers, IEA Health Policy Fellow
• Dr Elaine Sternberg
• Dr Cento Veljanovski, IEA Law and Economics Fellow

Trustees

• Professor D R Myddelton (Chairman)
• Kevin Bell
• Robert Boyd
• Michael Fisher
• Michael Hintze
• Malcolm McAlpine
• Professor Patrick Minford
• Professor Martin Ricketts
• Professor J R Shackleton
• Sir Peter Walters
• Linda Whetstone

Academic Advisory Council

• Professor Martin Ricketts (Chairman)
• Graham Bannock
• Professor Norman Barry
• Dr Roger Bate
• Professor Donald J Boudreaux
• Professor John Burton
• Professor Forrest Capie
• Professor Steven N S Cheung
• Professor Tim Congdon CBE
• Professor N F R Crafts
• Professor Victoria Curzon-Price
• Professor David de Meza
• Professor Kevin Dowd
• Professor Richard A Epstein
• Nigel Essex
• Professor David Greenaway
• Dr Ingrid A Gregg
• Walter E Grinder
• Professor Steve H Hanke
• Professor Keith Hartley
• Professor David Henderson
• Professor Peter M Jackson
• Dr Jerry L Jordan
• Dr Lynne Kiesling
• Professor Daniel B Klein
• Dr Anja Kluever
• Professor Stephen C Littlechild
• Dr Eileen Marshall CBE
• Professor Antonio Martino
• Professor Julian Morris
• Professor Paul Ormerod
• Professor David Parker
• Dr Mark Pennington
• Professor Colin Robinson
• Professor Charles K Rowley
• Professor Pascal Salin
• Dr Razeen Sally
• Professor Pedro Schwartz
• Jane Shaw Stroup
• Professor W Stanley Siebert
• Dr Elaine Sternberg
• Professor James Tooley
• Professor Nicola Tynan
• Professor Roland Vaubel
• Professor Lawrence H White
• Professor Walter E Williams
• Professor Geoffrey E Wood

Honorary Fellows

• Professor Armen A Alchian
• Professor Michael Beenstock
• Sir Samuel Brittan
• Professor James M Buchanan
• Professor Ronald H Coase
• Professor R M Hartwell
• Professor Terence W Hutchison
• Professor David Laidler
• Professor Dennis Lees
• Professor Chiaki Nishiyama
• Professor Sir Alan Peacock
• Professor Ben Roberts
• Professor Anna J Schwartz
• Professor Vernon L Smith
• Professor Gordon Tullock
• Professor Sir Alan Walters
• Professor Basil S Yamey CBE

References

• IEA website
• Media Transparency entry on Institute of Economic Affairs, accessed Dec 2003
• Martin Morse Wooster, "Liberty's Quiet Champion", Philanthropy Magazine, July/August 2003
• Richard Cockett, Thinking the unthinkable: think-tanks and the economic counter-revolution, 1931-1983, Fontana Press, 1995, ISBN 0-00-637586-3

See also

• List of UK think tanks

External links

• Institute of Economic Affairs
• Template:SourceWatch