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* TALKING POINT, BY CHRISTOPHER SNOWDON
* THINK TENT
* FOR THE RECORD
* A ROCKY RIDE
* IEA INTERN OF THE YEAR
* YOU'RE INVITED

Two weeks before Britain went into lockdown, I wrote an article for the Telegraph ([link removed]) arguing that mass quarantine could be justified as a last resort because of negative externalities and collective action problems.

People who carry the virus can transmit it to others without even knowing they have it. This surely fits John Stuart Mill’s definition of harm to others.

But this argument only goes so far. We do not lock down every winter to suppress seasonal flu because it would do great damage to the economy and to our way of life. Covid-19 is several times more lethal than flu, but the trade-off remains. Government policies aimed at suppressing the virus also do harm to others. In last week’s Spectator ([link removed]) I looked at the immense damage that has been done to the economy and the public finances since March.

[link removed]

The government is in the difficult position of trying to suppress the virus while keeping the economy going. In practice, this means keeping pubs, restaurants, shops and schools open while restricting private social interactions that have a less obvious financial benefit. This might make sense in terms of GDP, but it makes less sense from the perspective of welfare economics.

With the current restrictions expected to last six months, fatigue is setting in – especially among the young – and there is a sense of consent slipping away.

As I argued for CapX ([link removed]) on Tuesday, the introduction of heavy fines for non-compliance is a sign of weakness. It is a tacit acknowledgement that the government is no longer carrying the whole nation with it.

Restoring trust requires politicians to own up to their mistakes. The 10pm closing time for pubs has been socially and economically damaging and has probably been counterproductive in the fight against Covid-19. I raised this concern on Sky News ([link removed]) last week. Predictably, it has led to mass gatherings in town centres and private parties at home. A U-turn on this policy is urgently needed.

Christopher Snowdon
Head of Lifestyle Economics, Institute of Economic Affairs
THINKTENT 2020 – STARTS TODAY

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Conference season in 2020 looks very different to previous years but ThinkTent – co-hosted with the TaxPayers’ Alliance for the seventh consecutive year – is still standing. Going virtual for 2020, our panels will be live-streamed on the brand new ThinkTent YouTube Channel ([link removed]) and, unlike a physical tent, there’s no chance of exceeding capacity.

Each panel has a separate stream, meaning you can click on the links below and be notified before we go live. The first event starts at 12.30pm today so don't wait – set those alarms now.

Sunday 4th October | 12:30 – 13:30
Hosted by the TPA and the IEA
Carbon tax – Is this the right’s answer to climate change? ([link removed])

Sunday 4th October | 16:00 – 17:00
Hosted by the Heritage Foundation
UK free trade after Brexit: The United States and beyond ([link removed])

Monday 5th October | 13:00 – 14:00
Hosted by the TPA and the IEA
Fiscal policy: Tax and spend and how to repair the public finances after coronavirus ([link removed])

Monday 5th October | 14:30 – 15:30
Hosted by the TPA, IEA and the Free Speech Union
The free speech crisis ([link removed])

Monday 5th October | 18:00 – 19.00
Hosted by the IEA and RSSB
Can the railways get back on track post-Covid? ([link removed])

Tuesday, 6th October | 9:00 – 10:00
Hosted by the TPA and the IEA
BBC and C4 – What next for the state broadcasters? ([link removed])

Tuesday, 6th October | 18:00 – 19:30
Hosted by the IEA
Live with Littlewood: Post-conference analysis ([link removed])

For details more information about each event and the full line up of speakers, visit the ThinkTent website www.thinktent.co.uk ([link removed]) .

FOR THE RECORD

Tomorrow will see the publication of the latest IEA briefing paper – but we're giving you a sneak preview.

The Chancellor's Post-Pandemic Choices is written by Neil Record, Chairman of the IEA Board of Trustees. It examines the periods over which the UK economy saw the most sustained growth and asks what policies contributed to that success.

It identifies several policies which, the author argues, enabled the UK economy to grow strongly and which, if implemented now, could encourage a faster recovery following the Coronavirus-induced downturn.

The briefing paper is accompanied by an open letter signed by economists, academics, politicians and businesspeople – among them Wetherspoons founder Tim Martin, former Permanent Secretary to the Treasury Lord Macpherson, and senior backbench MP Steve Baker. It urges the Chancellor to consider these proposals carefully when making decisions about the country's financial future.

The Chancellor's Post-Pandemic Choices will be released tomorrow and will be available to download from the IEA website ([link removed]) .


** A ROCKY RIDE
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Uber can stay in London, for now.

In 2017 when Transport for London banned Uber for the first time, they were overruled by the courts. Back then, Uber was granted a 15-month probationary licence leading up to the second ban. This time around, Uber has been given 18 months – much shorter than the five years they asked for last November.

As IEA Head of Political Economy Dr Kristian Niemietz has written in City AM ([link removed]) , this is not much of a story on its own. So why has it elicited so much media attention? Uber, it turns out, has "become a bit of a symbol".

[link removed]
As Kristian writes:

"For many social democrats and communitarian conservatives, it represents the worst of the so-called gig economy: insecure for both workers and consumers, poorly regulated, and rootless, with no regard for local customs or traditions. For them, the black cab trade represents a more benign, orderly, regulated form of capitalism, while Uber represents the Wild West.

"More liberal-minded people tend to see the protected taxi trade as a manifestation of crony capitalism: a cartel of well-established insiders that hides behind pious rhetoric about 'consumer safety' and 'standards', but really just uses its political muscle to keep out unwanted newcomers. Those people are not 'pro-Uber'. They are pro entrepreneurship, pro open markets, and pro innovation — and they suspect that attacks on Uber are often veiled attacks on those principles."

Read the article in full here ([link removed]) .

[link removed]

Kristian also took part in a State of the Markets ([link removed]) podcast, covering the coronavirus, Austrian Economics, Millennial Socialism, healthcare, education, federalism and decentralisation, the Culture Wars, Brexit and the eurozone. Listen here ([link removed]) .


** IEA INTERN OF THE YEAR
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Liberty Hunter has been awarded IEA Intern of the Year for 2020.

Liberty joined the IEA in January as a General Intern and was due to stay until March. But when the pandemic struck she stayed on to help with the transition to online and worked virtually for us throughout the summer.

Liberty is an alumna of the West London Free School, and is beginning her first year at Oxford University studying History and Politics. She is particularly interested in the role of politics and the free-market within healthcare, technology, and the environment – and how this dynamic will impact future societies. After obtaining her university degree she hopes to go into political consulting.

Brittany Davis, IEA Education, Outreach, and Programmes Manager, said:

"Liberty continually went above and beyond and approached every task head-on and with enthusiasm. Whether performing research or office operations, she was never one to say no, and quickly won over members of the IEA staff. I can’t think of anyone more deserving for this award, and look forward to seeing the great things Liberty does in the future."

Congratulations Liberty!


** YOU'RE INVITED
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*Academic Webinar with Dr Paul Burgess
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It seems uncontroversial to say that the Rule of Law is a good thing. Everyone seems to be in favour of it and, at times, everyone seems to be talking about it. But, do we really know what it is? And, even if we do know what it is, do we take it to mean the same thing as other people?

On Wednesday 7th October, Dr Paul Burgess, Senior Teaching Fellow in Public Law and Human Rights Law at University College London, will expose some of the problems in thinking that we all know, or agree, what the Rule of Law is.

Sign up for this event here ([link removed]) .

[link removed]

*Lessons from Germany – with Gisela Stuart

This joint webinar with the St. Mary's University Twickenham will take place from 1-2pm on Thursday 8th October. It will ask what we can learn in 2020 from someone who many regard as the 'father' of the Social Market Economy: Ludwig Erhard. Erhard was widely considered to be one of the key people responsible for the German economic recovery in the 1950s.

Gisela Stuart was the Labour MP for Birmingham Edgbaston from 1997 to 2017 and was Health Minister in the first Blair Administration. She served on the Foreign Affairs and the Defence Select Committees as well as the Intelligence and Security Committee which oversees the work of M15, M16 and GCHQ.

Register here ([link removed]) .

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*Schools Conferences

Our Programmes team are hosting a series of free virtual economics conferences on 8th October (register here ([link removed]) ), 14th October (register here ([link removed]) ), and 6th November – from 9am-1pm (register here ([link removed]) ).

The conferences help prepare students for A-levels and introduce a free-market perspective to economics. Topics include the economics of the future, globalisation and the impact of China, the UK’s productivity puzzle, international aid and the developing world, market and government failure and the gender pay gap, to name but a few.

These are open to A-level and IB students and teachers. Please email Brittany Davis at [email protected] (mailto:[email protected]) for more information.

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