New IEA research this week outlines how housing and labour market red tape has closed off opportunity to those on low incomes

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Over the past two centuries, humanity has experienced unprecedented progress. Between 1820 and 2020, extreme poverty (defined as living on less than $1.90 per person per day) declined by over 90%. Over the same period, average global life expectancy more than doubled, and illiteracy declined by over 86%.

Despite this immense progress, most of us remain sceptical about humanity’s ability to overcome the most pressing problems of the day. Consider the 2020 survey by the global public opinion companion YouGov that asked Brits, “Generally speaking, do you think the world is becoming a better or worse place, or is it staying much the same?” A whopping seventy per cent of respondents thought the world was becoming a worse place to live. 18% thought it was staying the same, and a measly four percent thought it was getting better.

To combat the ingratitude that permeates our intellectual climate, media outlets, and, subsequently, society, it is useful to remind ourselves of the underlying cause of modern progress: human innovation. The wealth and health of the modern world rests on the shoulders of dozens of relatively unknown innovators whose work has saved millions, if not billions, of lives. Yet, as most people are unaware of the names, let alone the accomplishments of these pioneers, it is unsurprising we are sceptical about our species' ability to forge a more prosperous future.

In my forthcoming book Heroes of Progress: 65 People Who Change the World ([link removed]) , I hope to push back against the tide of ingratitude, pessimism, and fatalism that has engulfed large swathes of society.

As Harvard University psychologist Steven Pinker noted in the foreword to the book, “The valorisation of people who conquer disease and poverty was once commonplace,” yet despite substantial progress and an abundance of heroic tales, “we appear to now live in a world where scepticism about humanity’s ability to combat the most pressing problems of the day reigns supreme.”

Heroes of Progress features an array of individuals who have saved or improved millions of lives. By exploring the stories of many of the most influential individuals who have ever lived, I hope this book will cause the reader to develop a sense of gratitude for what has come before and inspiration as to the endless capacity of free individuals to transform the world for the better.

Whether it’s agronomists whose hybrid crops saved billions of lives, intellectuals who changed public policy and removed barriers to human flourishing, businesspeople whose inventions raised living standards and revolutionized our societies, or scientists whose medical breakthroughs eliminated diseases and ended pandemics, if it weren’t for the actions of past heroes and the generally open political and economic environments in which they worked, we’d all be far poorer, sicker, hungrier, ignorant, and less free. Considering the remarkable impact of history’s pioneers in changing the world for the better, perhaps it’s time to learn their story.

Alexander Hammond

IEA Free Trade Fellow

Heroes of Progress: 65 People Who Changed the World ([link removed])

Heroes of Progress will be published on 19th March and is available for pre-order now on Amazon ([link removed]) .
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** Wealth Generation: How to Boost Income Mobility in the UK ([link removed])
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Britain’s restrictive planning system and occupational licensing rules hurt the worst-off.
* House prices could be over one-third lower without restrictive planning rules.
* Almost 1-in-5 British workers are required to get a licence to do a job. This is up from 14% in 2008 and higher than in countries with high income mobility, such as Denmark (14%), Sweden (15%) and Finland (17%).
* UK income mobility is “not exceptional in any way – neither good nor bad” in international comparisons but could be improved through economic liberalisation.

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Economic Freedom, the Key to Social Mobility? ([link removed])

Editorial Director Kristian Niemietz interviews Vincent Geloso

Join us… We’re delighted to be hosting Vincent at the IEA next week to discuss his new paper.

Date: Wednesday 6th March

Time: 18:00 - 20:00

Location: 2 Lord North Street, SW1P 3LB

RSVP: Email [email protected] or call 020 7799 8919
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IEA Latest.
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It is time to stamp down on stamp duties ([link removed])

Executive Director Tom Clougherty, The Times ([link removed])

Max headroom… The Chancellor will not be able to do much to tackle the core regulatory issues afflicting the UK. But cutting particularly damaging taxes like Stamp Duty would be welcome.
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How the World Became RICH ([link removed])

Managing Editor Daniel Freeman interviews Associate Professor of Economics at George Mason University Mark Koyama, IEA YouTube ([link removed])

The magic formula… Throughout human history economic growth has been the exception, not the rule.
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A vape tax would make a mockery of Sunak’s smoke-free ambition ([link removed])

Christopher Snowdon, CapX ([link removed]) , The Sun ([link removed]) , City AM ([link removed]) & LadBible ([link removed])

Punishing quitters… Evidence from other countries is clear that taxing vapes increases smoking.
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Death of Globalisation: Trump, Biden & China Examined | IEA Podcast ([link removed])

IEA Director of Public Policy and Communications Matthew Lesh interviews Senior Economics Writer at The Economist Callum Williams, IEA YouTube ([link removed])

Progress receding… The Trump and Biden presidencies have ignited a US-China trade war, brought new tariffs, and seen the return of industrial strategy.
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Nigeria's Path to Prosperity | Ominira Initiative | Meet the IATP Partners ([link removed])

Co-Founder and Executive Director of Ominira Initiative for Economic Advancement, Lanre Peter Elufisan, IEA YouTube ([link removed])

Works in progress… Through free trade, a more prosperous future for the African continent is possible. With the implementation of the African Continental Free Trade Agreement, this vision is closer to becoming reality.
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Britain needs to grow up – and have real conversations about the economy ([link removed])

Economics Fellow Julian Jessop, City AM ([link removed])

Embedded problems… It’s vital to think through which taxes should be cut and why before the Budget.
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How Sweden proved the world wrong about lockdown ([link removed])

Lund University Profs. Frederik Andersson & Lars Jonung discuss their new Economic Affairs article ([link removed]) in Spiked ([link removed])

Cost-benefit… Sweden’s relatively liberal approach to Covid-19 didn’t cause deaths to spike, but left it in a much better economic condition than the UK.

Read The Covid-19 lesson from Sweden: Don't lock down ([link removed]) to find out more.
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** Harvest time: Why the UK should unleash the power of gene editing (Audiobook) ([link removed])
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Director of Bio-Sciences at the American Council on Science and Health Cameron English, IEA Publications ([link removed])

Tune in… Listen to Harvest time ([link removed]) on IEA Publications ([link removed]) , our new podcast feed bringing you our research in audiobook form.
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IEA Insider.


** Monetary Policy Essay Prize and the Budget Challenge Semi-Finals
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This week, the IEA’s Education team hosted the semi-finals of our Monetary Policy Essay Prize and the Budget Challenge competition at the Vinson Centre at the University of Buckingham. Education Coordinator Megi Cara was there from Monday to Wednesday to run the event and speak to the students about our internship opportunities.
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