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Engineers plan transport systems, people use them. But the ways in which an engineer measures success - speed, journey time, efficiency - are often not the way that passengers think about a good trip. We are not cargo. We choose how and when to travel, influenced not only by speed and time but by habit, status, comfort, variety - and many other factors that engineering equations don't capture at all.As we near the practical, physical limits of speed, capacity and punctuality, the greatest hope for a brighter future lies in adapting transport to more human wants and needs. Behavioural science has immense potential to improve the design of roads, railways, planes and pavements - as well as the ways in which we use them - but only when we embrace the messier reality of transport for humans.This is the moment. Climate change, the coronavirus pandemic and changing work-life priorities have shaken up long-held assumptions. There is a new way forward. This book maps out how to design transport for humans.

Britain does not have a coherent transport policy, and conventional transport economics has reached a dead end. A transport policy should incorporate systematic thinking about the travel needs of society. However, in Britain, public investment in the transport system has been extraordinarily volatile. We closed under-used railways and then experienced a doubling of passenger numbers that has prompted huge new investment. We gave up making substantial investment in motorways, but now have chosen to revive the road construction effort in a big way. We vacillate on road pricing, introducing congestion charging successfully in London, but backing off because of local opposition elsewhere. We have delayed for decades the decision about whether and where to build additional airport capacity. The environmental impacts of transport infrastructure - global and local - have been a key focus, but now are not. This mess has come about because policy has focused on big construction projects and time-saving, instead of on the part people and places play in economic development. This book sets out the principles that could underpin a strategic policy for transport.Instead of focusing piecemeal on trying (and failing) to get from place to place ever faster, we need to think about how and where we want the economy to develop, and about how new the digital technologies can help achieve this.

Law, Reinvented: Leading AI Transformation in Legal Practice is a practical guide for legal professionals at every stage of their AI transformation, whether they are leading it inside their firm or organization, working through it day to day as practitioners, or stepping into the profession as it changes. Written by three experts in the field based in London and New York who work in this space every day, it draws on their experience with law firms and in-house teams to address both the strategic and the operational realities of AI in legal practice.The book offers a clear framework for thinking about AI in legal practice, supported throughout by experience drawn from the authors’ work on both sides of the Atlantic. Topics covered include pricing around outcomes rather than time; building credible AI-enabled services; training users and driving adoption; managing risk and governance; and the emerging competitive landscape in which clients, firms, and technology providers increasingly overlap.Whether the reader is in leadership, in practice, or new to the profession, the book is direct, practical, and grounded in real experience. It addresses the operational, ethical, and cultural questions that firms, legal departments, and their clients are working through today, and the ones they will confront next.

Travel is central to our lives, and the transport system brings us the goods and services that we need and allows us to access the experiences and opportunities that we seek. Yet our transport system has many problems: congestion and overcrowding, noise, air pollution and carbon emissions, deaths and injuries, and the intrusion of vehicles into unsuitable locations. Much effort and money has been devoted to tackling these problems, over many years, but progress is slow.Recognition of the urgent need to respond to climate change is prompting major transport developments - particularly a switch to electric vehicles - and it is also argued that the amount of travel we undertake will need to be reduced. The coronavirus pandemic caused a great shock to our travel patterns, showing us that we could manage with much less movement if we had to. But as the pandemic recedes, our travel behaviour is largely reverting to what it was before, albeit with less commuting to work and less shopping in person.This book offers a comprehensive overview of the transport system. It looks at how it has developed, at how it will need to evolve to meet our need for travel - sustainably and economically - and at what our options are for meeting those needs.

Kevin Dowd argues that states must allow a level playing field as far as private money is concerned. For too long the government has stifled competition between state-backed and private currencies. Instead, central banks should welcome competition as it forces them to offer consumers greater choice and improved quality. A weakened ability to store value, growing restrictions on finance, oppressive taxes and a lack of financial privacy have resulted in growing frustration at state controlled money. The superior nature of private currencies combined with the financial freedom they offer has led to their increasing attraction. Bitcoin enables its owners, among other things, to protect their wealth, make investments free from government control and retain a level of privacy, making it increasingly attractive. The price of Bitcoin rose from 3 cents in April 2010 when first traded, to over $900 in January 2014. The relationship between restrictions on individual freedom and demand for private money is also identified in the paper. The increasing constraints on personal freedom have led to private money becoming more and more popular as it enables people to do what would otherwise be illegal. The market for private monies will continue to thrive as long as states restrict and prohibit various forms of commerce.

From Crisis to Confidence not only describes the process which the economy must go through before a full recovery after the financial crash, it also describes the journey that must be travelled by the discipline of economics. As economics students and other commentators question post-war macroeconomics, Roger Koppl provides some of the answers needed to understand the long slump since 2008. A theory of confidence is needed in any economic framework that is to explain one of the most important periods in modern economic history.

From Crisis to Confidence not only describes the process which the economy must go through before a full recovery after the financial crash, it also describes the journey that must be travelled by the discipline of economics. As economics students and other commentators question post-war macroeconomics, Roger Koppl provides some of the answers needed to understand the long slump since 2008. A theory of confidence is needed in any economic framework that is to explain one of the most important periods in modern economic history.

Whilst it is impossible to argue that the earth is flat without fearing ridicule, fallacies in economics are widespread. Such fallacies pervade the intellectual sphere and even influence policy. Professor Geoffrey Wood of the University of Buckingham exposes such popular economic fallacies in this revised edition of Fifty Economic Fallacies Exposed. Professor Wood looks at, for example, the supposed dangers of free trade, the abilities of governments to control the economy, the effects of government regulation and whether millions of jobs depend on our continued membership of the European Union. These lucid and stimulating articles are invaluable to students struggling to master some of the complexities of economic theory and its applications, who often find that the most effective way to learn economic analysis is to see such fallacies exposed. It is a text particularly suitable for first-year economic students, complementing existing textbooks as it does, and clarifying basic concepts in economics while demonstrating the practical uses of economic theory.

Whilst it is impossible to argue that the earth is flat without fearing ridicule, fallacies in economics are widespread. Such fallacies pervade the intellectual sphere and even influence policy. Professor Geoffrey Wood of the University of Buckingham exposes such popular economic fallacies in this revised edition of Fifty Economic Fallacies Exposed. Professor Wood looks at, for example, the supposed dangers of free trade, the abilities of governments to control the economy, the effects of government regulation and whether millions of jobs depend on our continued membership of the European Union. These lucid and stimulating articles are invaluable to students struggling to master some of the complexities of economic theory and its applications, who often find that the most effective way to learn economic analysis is to see such fallacies exposed. It is a text particularly suitable for first-year economic students, complementing existing textbooks as it does, and clarifying basic concepts in economics while demonstrating the practical uses of economic theory.

This new version of ‘Advertising in a Free Society’ is valuable reminder of the fundamental role advertising plays in society. Although the criticisms aimed towards it, which Ralph Harris and Arthur Seldon aimed to dispel over half a century ago, continue to gain support, policy makers and campaigners risk undermining our freedom if they continue this crusade against the advertising industry. We should celebrate the fact that advertising empowers the everyday shopper, rather than undermining both businesses and consumers through constraining the industry.

This new version of ‘Advertising in a Free Society’ is valuable reminder of the fundamental role advertising plays in society. Although the criticisms aimed towards it, which Ralph Harris and Arthur Seldon aimed to dispel over half a century ago, continue to gain support, policy makers and campaigners risk undermining our freedom if they continue this crusade against the advertising industry. We should celebrate the fact that advertising empowers the everyday shopper, rather than undermining both businesses and consumers through constraining the industry.

This book suggests that drastic reforms are required to reverse the ever-increasing size of the state, a trend experienced in most western nations. The report proposes a reassessment of the scale of government to achieve a reduction in taxation and spending.

This book suggests that drastic reforms are required to reverse the ever-increasing size of the state, a trend experienced in most western nations. The report proposes a reassessment of the scale of government to achieve a reduction in taxation and spending.

This IEA publication deals head-on with a number of widely quoted myths about the market economy. In the case of the philosophical myths, such as the idea that economists believe that everybody is greedy, the author, Christopher Snowdon, carefully and entertainingly unpicks the misguided ideas that have taken hold. The author then moves on and effectively disposes of a number of economic myths using empirical evidence that is often ignored by commentators.

This IEA publication deals head-on with a number of widely quoted myths about the market economy. In the case of the philosophical myths, such as the idea that economists believe that everybody is greedy, the author, Christopher Snowdon, carefully and entertainingly unpicks the misguided ideas that have taken hold. The author then moves on and effectively disposes of a number of economic myths using empirical evidence that is often ignored by commentators.

Discussions on the outcome of a potential referendum on Britain’s membership of the EU have been characterised by political grandstanding, at the expense of serious economic analysis. With Brexit now a real possibility in the next Parliament, the IEA today releases a report outlining four different options for the UK in the event of a vote to leave the EU, all of which take into account both economic challenges and possibilities. In Brexit: Directions for Britain Outside the EU, various contributors outline several of possible approaches, ranging from a proposal that Britain should promote free trade and openness through the unilateral removal of trade barriers, to maintaining formal relationships with European countries through the European Free Trade Association (EFTA) and/or the European Economic Area (EEA). Other proposals offer a view that the UK should seek to form economic and political alliances with countries outside of Europe, such as those in the Commonwealth.

Discussions on the outcome of a potential referendum on Britain’s membership of the EU have been characterised by political grandstanding, at the expense of serious economic analysis. With Brexit now a real possibility in the next Parliament, the IEA today releases a report outlining four different options for the UK in the event of a vote to leave the EU, all of which take into account both economic challenges and possibilities. In Brexit: Directions for Britain Outside the EU, various contributors outline several of possible approaches, ranging from a proposal that Britain should promote free trade and openness through the unilateral removal of trade barriers, to maintaining formal relationships with European countries through the European Free Trade Association (EFTA) and/or the European Economic Area (EEA). Other proposals offer a view that the UK should seek to form economic and political alliances with countries outside of Europe, such as those in the Commonwealth.

This paper discusses how wars of ideas can be waged, using the author''s extensive experience, both as director general of the Institute of Economic Affairs (IEA) and at other classical liberal think tanks. John Blundell begins his stimulating collection of published essays, reviews and introductions by showing how the founders of the IEA successfully fought the conventional planning wisdom of the 1960s and 1970s, providing the ideas which, by the 1980s and 1990s, had brought about increased freedom and a revival in the use of markets. He draws lessons from those days and then surveys the contemporary scene, showing how the anti-liberal ideas emerging now are different from those which prevailed in the early years of the IEA. As well as giving a valuable view of the IEAs development in the past, these essays also offer advice on how to continue winning in the new circumstances of the present. Waging the War of Ideas has been constantly in demand since it was first published in 2001. This new and expanded edition contains three new chapters and is introduced by Professor Walter Williams.

Nobody who has even a passing acquaintance with economics could fail to realise that Western governments are highly indebted. Current generations have been consuming at the expense of future generations. However, just how indebted are we? The government measures how much it has borrowed to meet past spending commitments, but it does not measure how much money it needs to meet all the future pensions and healthcare promises it has made to tomorrow’s older generations. Furthermore, no funds have been set aside to provide for these costs. Governments are allowed to produce accounting information in such a cavalier fashion, using methods that would be illegal for private sector companies. Fortunately, though, scholars have been able to examine the detail of government policy and the financial commitments of future governments in order to determine just how indebted we are. This IEA publication brings such calculations to life by showing by how much spending will need to be cut and taxes raised in order to make the government’s fiscal position sustainable. This work should be of interest to politicians, to students and teachers of economics and, indeed, all who are interested in public policy and the sustainability of Western economies.

Nobody who has even a passing acquaintance with economics could fail to realise that Western governments are highly indebted. Current generations have been consuming at the expense of future generations. However, just how indebted are we? The government measures how much it has borrowed to meet past spending commitments, but it does not measure how much money it needs to meet all the future pensions and healthcare promises it has made to tomorrow’s older generations. Furthermore, no funds have been set aside to provide for these costs. Governments are allowed to produce accounting information in such a cavalier fashion, using methods that would be illegal for private sector companies. Fortunately, though, scholars have been able to examine the detail of government policy and the financial commitments of future governments in order to determine just how indebted we are. This IEA publication brings such calculations to life by showing by how much spending will need to be cut and taxes raised in order to make the government’s fiscal position sustainable. This work should be of interest to politicians, to students and teachers of economics and, indeed, all who are interested in public policy and the sustainability of Western economies.

Kevin Dowd argues that states must allow a level playing field as far as private money is concerned. For too long the government has stifled competition between state-backed and private currencies. Instead, central banks should welcome competition as it forces them to offer consumers greater choice and improved quality. A weakened ability to store value, growing restrictions on finance, oppressive taxes and a lack of financial privacy have resulted in growing frustration at state controlled money. The superior nature of private currencies combined with the financial freedom they offer has led to their increasing attraction. Bitcoin enables its owners, among other things, to protect their wealth, make investments free from government control and retain a level of privacy, making it increasingly attractive. The price of Bitcoin rose from 3 cents in April 2010 when first traded, to over $900 in January 2014. The relationship between restrictions on individual freedom and demand for private money is also identified in the paper. The increasing constraints on personal freedom have led to private money becoming more and more popular as it enables people to do what would otherwise be illegal. The market for private monies will continue to thrive as long as states restrict and prohibit various forms of commerce.

This paper discusses how wars of ideas can be waged, using the author''s extensive experience, both as director general of the Institute of Economic Affairs (IEA) and at other classical liberal think tanks. John Blundell begins his stimulating collection of published essays, reviews and introductions by showing how the founders of the IEA successfully fought the conventional planning wisdom of the 1960s and 1970s, providing the ideas which, by the 1980s and 1990s, had brought about increased freedom and a revival in the use of markets. He draws lessons from those days and then surveys the contemporary scene, showing how the anti-liberal ideas emerging now are different from those which prevailed in the early years of the IEA. As well as giving a valuable view of the IEAs development in the past, these essays also offer advice on how to continue winning in the new circumstances of the present. Waging the War of Ideas has been constantly in demand since it was first published in 2001. This new and expanded edition contains three new chapters and is introduced by Professor Walter Williams.

Price controls across many sectors are currently being hotly debated. New controls in the housing market, more onerous minimum wages, minimum prices for alcohol, and freezes on energy prices are very high up the agenda of most politicians at the moment. Even without any further controls, wages, university fees, railway fares and many financial products already have their prices at least partly determined by politicians rather than by supply and demand in the market. Indeed, barely a sector of the UK economy is unaffected in one way or another by government controls on prices. This book demonstrates why economists do not like price controls and shows why they are widely regarded as being amongst the most damaging political interventions in markets. The authors analyse, in a very readable fashion, the damage they cause. Crucially, the authors also explain why, despite universal criticism from economists, price controls are so popular amongst politicians.

Price controls across many sectors are currently being hotly debated. New controls in the housing market, more onerous minimum wages, minimum prices for alcohol, and freezes on energy prices are very high up the agenda of most politicians at the moment. Even without any further controls, wages, university fees, railway fares and many financial products already have their prices at least partly determined by politicians rather than by supply and demand in the market. Indeed, barely a sector of the UK economy is unaffected in one way or another by government controls on prices. This book demonstrates why economists do not like price controls and shows why they are widely regarded as being amongst the most damaging political interventions in markets. The authors analyse, in a very readable fashion, the damage they cause. Crucially, the authors also explain why, despite universal criticism from economists, price controls are so popular amongst politicians.

This book is important to help an international audience understand the cultural peculiarities behind the Scandinavian “success story”. It is also vital that Scandinavians themselves read this book to help them understand the market reforms that are essential for a successful future.

This book is important to help an international audience understand the cultural peculiarities behind the Scandinavian “success story”. It is also vital that Scandinavians themselves read this book to help them understand the market reforms that are essential for a successful future.

This primer aims to provide a straightforward introduction to the principles, personalities and key developments in classical liberalism. It is designed for students and lay readers who may understand the general concepts of social, political and economic freedom, but who would like a systematic presentation of its essential elements.

This primer aims to provide a straightforward introduction to the principles, personalities and key developments in classical liberalism. It is designed for students and lay readers who may understand the general concepts of social, political and economic freedom, but who would like a systematic presentation of its essential elements.

Ronald Coase is one of the most important economists of the twentieth century. Amongst other great achievements, Coase taught us why firms exist and how we can better understand how to solve environmental problems. He also made a profound contribution to our understanding of the provision of so-called "public goods" and helped join the often distinct intellectual fields of law and economics. Coase coined the phrase "blackboard economics" to describe an approach to economics that involved ignoring what happens in practice and, instead, led the profession to obsess with theory. He once said: ''If economists wished to study the horse, they wouldn''t go and look at horses. They''d sit in their studies and say to themselves, "what would I do if I were a horse?"''There is much that students, teachers, policymakers and regulators can learn from the economics of Ronald Coase, and he will, no doubt, provide a rich seam of material for decades to come. The authors of this short book have taken up the challenge. They apply Coase''s ideas to a number of different areas of economics and, in doing so, provide a practical and very readable introduction to a number of topics that have direct relevance for regulation and for public policy.