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Comments on David Green's analysis of the need for state provision of medical care in Great Britain, previously published in volume 5, issue 1, of the periodical 'Economic Affairs.' Justification of provisioning by the state; Assumptions about the state of the health care market.

Discusses the importance of local government finance in Great Britain. Functions of local government; Post-war reforms of local government; Relation between the local government and the environment; Charges for local services; Centralization of the education credit scheme.

The recent White Paper indicates the start of serious attention to the use of road-use pricing, while the hard edge of the argument is to be found in the Treasury's Comprehensive Spending Review. What has yet to be examined is the problem of equipping the nation's vehicles with the necessary devices, effective for the purpose over the whole country. This could be done by replacing the paper 'tax disc' with a standardised electronic tag -- carrying stored credit-units -- which could provide for road-use payments as and where they come to be introduced. [ABSTRACT FROM AUTHOR]

The Conservatives privatised most of the UK's state-owned industries during the 1980s and 1990s, but the Royal Mail remained under public ownership. It was privatised through a public flotation in early October 2013 when around 70 per cent of the company's shares were sold by the government. This paper looks at the reasons why the enterprise was not sold earlier. It especially focuses on the failed attempt to privatise it in 1993/4, although other occasions when privatisation was contemplated are mentioned. The discussion draws on government papers that are closed to the public under the 30-year rule but to which the author had access as the UK government's Official Historian of Privatisation. The study demonstrates that in the past a combination of lukewarm support for privatisation at the prime ministerial level, concerns about the political consequences (including a possible revolt in Parliament), and trade union opposition proved decisive in preventing privatisation of the Royal Mail. [ABSTRACT FROM AUTHOR]

As the total cost of clinical negligence claims has grown in the UK in recent years, calls for reform have resurfaced. The government now plans a White Paper on the subject next year. This paper assesses some of the economic arguments surrounding such reform. It suggests that the principle of negligence performs a useful economic function, that there is some uncertainty surrounding the precise costs of the UK's clinical negligence, and that costs of alternative systems may sometimes be larger than they first appear. [ABSTRACT FROM AUTHOR]

Abstract: Plastic bag litter generates serious environmental concerns and poses a risk to wildlife. As this does not seem to be a problem which can be resolved by the private sector alone, or by ‘Coasean’ negotiation, legislation is proposed, particularly focusing on ‘one‐use’ bags. This article surveys legislation worldwide, while concentrating on lessons from the United States and the United Kingdom. The issues are more complex than is often assumed. While environmentalists argue for restriction and ultimate elimination of one‐use bags, manufacturers, especially those that have reformulated the composition of their bags, see legislation as an overreaction to a problem that is already being addressed within the industry. They cite evidence that, when used within a comprehensive recycling programme, plastic bags are not only cost‐effective but a sound use of our limited resources. Bans or restrictions can have knock‐on effects which can create new problems. [ABSTRACT FROM AUTHOR]

Following the wave of privatisation that started in Britain's energy sectors in the early 1980s, much progress has been made but the results still fall short of the potential benefits. In this paper both the theoretical arguments and the existing empirical evidence on privatisation in the energy sector are examined, with particular reference to European experience. The paper also presents some additional empirical analysis on the effect of privatisation on competition in the electricity market. Although not fully satisfactory, the analysis seems to be consistent with theoretical arguments. In particular, 'mostly privatised' industries tend to be associated with incumbents having lower market shares. [ABSTRACT FROM AUTHOR]

A recent paper Bank of England paper cast doubt on the 'textbook' model of the money multiplier. However, this criticism is inconsistent and misleading. It understates the importance of the central bank's control over the monetary base, and how this influences the money supply. The confusion suggests that it would be more fruitful to conduct analysis using the currency-deposit ratio and reserve-deposit ratio rather than the money multiplier, and evidence from 1998-2013 is provided. This article explains how these ratios depend on the monetary regime, and the distinction between inside and outside money. Although a modern regime alters the way that money creation occurs, the monetary base still matters. [ABSTRACT FROM AUTHOR]

This paper reviews the argument for a slowdown in the fiscal consolidation policy of the UK government. It reviews the existing literature and the evidence of the interwar period in the UK where a recovery occurred without a relaxation of the tight fiscal regime of the period. It argues that even in a zero-lower-bound, the evidence for a plan B is weak. Given that there may have been significant capacity destruction, the paper suggests a third way that calls for a supply-side framework that sets the condition for an improvement in long-term growth and productivity. [ABSTRACT FROM AUTHOR]

The national minimum wage (NMW) was introduced to Britain in April 1999 amid much speculation. This paper considers the political reasons for introducing the NMW and the economic effects of doing so. It also addresses the issue of the additional costs created by the NMW and the strategies adopted by employers to defray them. The paper provides evidence from the hotel sector that suggests some wage gains but no significant disemployment effects. The value of conventional labour market models as predictive tools is questioned. [ABSTRACT FROM AUTHOR]

Discusses the proposals for the taxis and private hire vehicles in Great Britain. Household expenditure on forms of transport; Amount of subsidies and grants to public transport; Application of minimal regulation on both taxis and hire car trades; Proposition to copy and extend the London regime to the provinces; Adoption of the single taxi licensing regime.

This paper is a response to the British Chancellor of the Exchequer's consultation on closer integration of the operation of National Insurance contributions and income tax. Our historical research on proposals for a complete merger of the two systems enables people interested in tax reform to draw on experience and ideas of officials who grappled with issues similar to those facing us today. We show that officials identified the problem of maintaining increasing numbers of elderly people as long ago as 1950, and identify when and why the British government adopted a pay-as-you-go basis for the National Insurance Fund. We conclude that the advantages of National Insurance contributions separate from income tax are not negligible, but that a merger would be fairer than the present system. Our principal concern is that the contributory principle may raise unrealistic expectations regarding state pensions as it encourages a mistaken belief that these are paid from contributions made by pensioners in the past. We therefore recommend that the government should produce an annual statement showing how state pension liabilities are to be met. [ABSTRACT FROM AUTHOR]

The White Paper, Innovation Nation, argues that economic growth depends on government investment in research and development. It is not true. [ABSTRACT FROM AUTHOR]

This paper examines four major tax cases that have been the focus of campaigns by the group UK Uncut. The criticisms of the tax affairs of the companies concerned are shown to be unfounded and ill-conceived. Furthermore, there would be major economic benefits from reducing corporate taxation. [ABSTRACT FROM AUTHOR]

The article offers views on public-private partnerships (PPP)/private finance initiative (PFI) in Great Britain. The author discusses the origins of what became the PFI program in the 1990s and several possible problems related to the use of PPP/PFIs. The author also introduces papers on PPP/PFI from different perspectives that were published within the issue.

This paper examines the evolution of the healthcare debate in Britain since the publication of the author's groundbreaking 1991 paper, ‘How and How Not to Demonopolise Medicine’. While politicians remain cautious about publicly endorsing radical change, socialism's demonstrable failure to deliver results has changed the intellectual climate such that there is growing support for applying free-market ideas to the sector. The easy availability of information about competing treatments and service providers on the internet will also undermine the rationale for moribund statist systems like the National Health Service. [ABSTRACT FROM AUTHOR]

This paper applies a stakeholder perspective to estimate various types of costs (taxes) and benefits (subsidies) affecting stakeholder groups whose constituents are most affected by recent, major reforms to the public regulation of the UK pensions industry. Both direct and indirect subsidies and taxes arising from regulation distinguishes groups representing both sophisticated and vulnerable investors. The analysis suggests that financial intermediaries, and industry regulators, are all effectively subsidised by other stakeholder groups. [ABSTRACT FROM AUTHOR]

All three pillars of the British pensions system are crumbling. The basic state pension is unsustainable in its present form. Defined benefit occupational pension schemes are fast disappearing, and with them the retirement hopes of millions of workers. A further 3 million low-income earners are not saving enough for their retirement. And uncertainty about pensions choices is widespread. In each case the primary cause of the problem is governmental or regulatory failure. The paper makes eight general and four specific proposals for restoring the system. [ABSTRACT FROM AUTHOR]

This paper reviews Labour's record on the NHS since the 1997 general election. The record shows increased financial investment especially since 2002, coupled with a marked centralisation of strategy and management which is proving counter-productive to further modernisation. [ABSTRACT FROM AUTHOR]

Offers tips for students on how prepare for A level economics examination in Great Britain. Reviewing syllabus of the examination board; Matching syllabus on notes taken; Making necessary revisions on the study notes; Listing down cross-references. INSET: ECONOMIC FALLACIES VIII.

Evaluates the proposals to reform the insurance contract for pensions from the point of view of the recipients of government policy in Great Britain. Minimum income guarantee and the state second pension; Provision for those earning less than 9,000 a year; Removal of the earnings-related state second pension.

There are several good reasons why motorists should be charged for using roads, and it is important to understand these and to distinguish between them. Alternatives, however attractive, fail to stand up to close scrutiny. The change of government attitude showed in the recent White Paper is to be welcomed, but of the three specific proposals, two are questionable. Road pricing should not be used as a major welfare tool. [ABSTRACT FROM AUTHOR]

This paper considers whether the current low inflation rates in the UK are due to 'the death of inflation' (because of structural changes to the economy, as claimed in a recent book) or should instead be interpreted as part of a business cycle which is largely monetary in origin. [ABSTRACT FROM AUTHOR]

The article discusses the author's views about the role of government in housing for the poor. Though government involvement in housing for the poor in the U.S. and Great Britain is not much old, it, of late, has become part of the normally policy mechanism of the government, says the author. The government involvement in housing is justified on the ground that markets often fail to provide for the needs of the poor, avers the author.

While there are many studies of prejudice towards disadvantaged minorities, there has been little research into stereotypes of rich people. The author commissioned the first international comparative study to investigate popular attitudes towards rich people. He analyses findings from the United States, Great Britain, Germany, and France, and calculates a 'Social Envy Coefficient' for these four countries. Envy appears most pronounced in France, followed by Germany. By contrast, envy is significantly lower in the United States and Great Britain, although there are interesting variations by age. In addition, the study subjects a sample of popular international feature films and articles in German newspapers to detailed media content analysis. This analysis finds that rich individuals are predominantly portrayed as cold‐hearted, profit‐hungry and morally suspect. [ABSTRACT FROM AUTHOR]

The natural rate of interest, also known as R*, is a central concept for many monetary economists. Although policymakers and commentators make judgements based on an implicit belief regarding its value, attempts to measure it are quite rare. This article uses productivity data to estimate the natural rate for the UK economy during 1998–2018. It finds that the median real natural rate up to and including 2008:2 was 2.11 per cent and has been 1.9 per cent since then. This supports the view that the natural rate can change over time and has fallen in recent years. Policymakers who use the natural rate as a benchmark should therefore monitor this more closely. [ABSTRACT FROM AUTHOR]

There is considerable scope for further privatisation, with the particular aim of sharply reducing public sector claims on national output. However, survey evidence indicates considerable opposition to further privatisations, particularly those taking the form of creating dividend-paying joint stock companies. The paper considers the value of surveys when compared with the economic concept of stable, revealed preferences, and the potential endogeneity of preferences as discussed by Hayek (1949). Consideration is also given to the implications of making concessions to survey opinion by carrying out privatisations under alternative corporate structures. [ABSTRACT FROM AUTHOR]

For much of the post-war period in the UK, individuals were allowed to use private pension provision to replace part of their state pension. This system was supported by all political parties but it has been eroded since the 1990s. The opportunity to 'contract out' of the state pension is finally being abolished by the current Conservative/Liberal Democrat coalition government. This paper proposes a new method of allowing people to contract out of the state pension system, calculates appropriate rebates of social security taxes and discusses the potential risks of adopting the proposals. [ABSTRACT FROM AUTHOR]

UK prisons have a very poor record in preventing reoffending. This paper attempts to identify a desirable kind of prison system. It discusses privatisation and payment-by-results programmes. Novel suggestions include the potential for charity-, faith- or community-based organisations to run prisons, and a possible voucher scheme for use by prisoners. [ABSTRACT FROM AUTHOR]

As the 2014 referendum on whether Scotland should become an independent country approaches, there is increasing debate about the nature and advantages of the relationship between Scotland and the rest of the United Kingdom. This paper seeks to examine the views on the Union between Scotland and England that are found in the writings of the main figures of the eighteenth century Scottish Enlightenment. It examines the arguments that Scotland's most famous social and political thinkers, such as David Hume and Adam Smith, put forward in favour of union with England and uses them to inform the contemporary debate. [ABSTRACT FROM AUTHOR]

The UK government first set financial objectives for the nationalised industries in 1961 and subsequently promoted the use of 'discounted cash flow' for investment appraisal. The nationalised industry regime evolved until, in the 1990s, it was succeeded by economic regulation regimes for the privatised utilities. Meanwhile discounting conventions emerged and have continued to evolve for wider government policy analysis, including aspects of climate change. Issues about the size and functions of public expenditure notwithstanding, UK government conventions are currently fairly uncontroversial: however, in the world at large, government discounting remains subject to many academic and international controversies and misunderstandings. [ABSTRACT FROM AUTHOR]

This paper examines the proposition, set out in The Spirit Level, that inequality is associated with high levels of obesity. It reviews existing literature and uses British Household Panel Survey data to study how district-level and regional-level income inequality is related to obesity in the UK. This is likely to be the first study of its type that uses individual-level data that is representative of the UK population. We find little evidence to support policies that reduce income inequality with the aim of reducing obesity levels in the UK. [ABSTRACT FROM AUTHOR]

The United Kingdom has recently enacted smoking bans in public places such as restaurants and pubs. Public health advocates argue that bans are necessary because non-smokers need protection from second-hand smoke. Advocates also claim that bans do not exert harm on owners because of a vast empirical literature showing that restaurants and bars in the United States never suffer harm following bans. This paper examines whether these claims are true by developing a model within the Coasian framework whereby owners of businesses have incentives to deal with smoking disputes between smokers and non-smokers. Our model demonstrates that it is incorrect to argue that smoking bans are necessary because the private market has no method of attempting to solve smoking problems. It also predicts that bans exert different effects on different businesses: some will be unaffected while others will experience losses or gains. Our literature review reveals that predictions of differential effects are consistent with the empirical evidence. [ABSTRACT FROM AUTHOR]

The introduction of widespread road pricing is being considered in the UK and abroad as a means to allocate scarce road space. By looking at the economic costs and benefits of both national and local road pricing schemes, this paper seeks to examine how widely charging should be implemented. [ABSTRACT FROM AUTHOR]

In classical myth Cerberus was the three-headed dog that guarded the entrance to hell. The Royal Mail Group (‘RMG’), as the holding company is currently called, is a three-headed dog that should be put down. This paper examines the problems underlying RMG's three businesses – letters, parcels and counters – and suggests that if Cerberus were privatised as three ordinary dogs and the holding company abolished, they would have much better prospects of profitable survival. [ABSTRACT FROM AUTHOR]

The paper's hypothesis is that strict liquor licensing laws, as in Britain and the US, which ban street cafés (ostensibly to protect children) effectively transfer property rights in the streets to the commuting car users. Road pricing, either explicit or implicit via congested streets, loses its constituency. The result is road widening, neglect of city amenities and consequent urban sprawl. In line with the hypothesis, we find that continental European countries permitting street cafés and restaurants have less urban sprawl. They also attract more tourists, and their citizens are less obese. Therefore, the forthcoming Licensing Act, by (hopefully) assisting street cafés, marks an important step forward for British cities. [ABSTRACT FROM AUTHOR]

The paper questions whether the recent reform package of the NHS will solve its ongoing problems, or whether a more fundamental reappraisal of the system is required. [ABSTRACT FROM AUTHOR]

The research reviewed in this paper establishes that the VAT system generates heavy administrative burdens for small firms in Europe despite various measures taken to alleviate them. A possible solution would be to abolish VAT charges between registered traders which would, in effect, convert the tax into a sales tax. The conclusion is that such a change would necessitate modification of the 6th Directive on VAT. The other alternative might be to compensate small firms for their work as unpaid tax collectors. [ABSTRACT FROM AUTHOR]

This article considers how directors' remuneration should be set. It does so in both general terms and in the light of the DTI (1999) paper entitled Directors' Remuneration. A Consultative Document. The DTI document forms part of a general review of company law that is being undertaken by the Department of Trade and Industry. This article explores the extent to which these government-directed developments can be seen as an extension of the Cadbury, Greenbury and Hampel Reports and the extent to which self-regulation as opposed to government regulation looks set to dominate this area. [ABSTRACT FROM AUTHOR]

The article discusses challenges of central banking industry of Great Britain, following the Great Recession. It mentions various policy measures introduced in the aftermath of the recession includes forward guidance, quantitative easing (QE), and negative interest rates. It also mentions impact of higher interest rates be on economic activity.

The article discusses central banking industry of Great Britain, following the Great Recession. It mentions various factors driving the downward trend in the natural real interest rate including substitution effects dominate income effects, and decline in investment while saving increasing in ‘the' real interest rate. it also mentions implications for monetary policy on average inflation rate.

Uses the theory of optimum currency areas to the question of which countries could become successful members of European Monetary Union (EMU) if Great Britain in not included. Analysis on the macroeconomic status of European Union members; How will Great Britain influence the EMU should it decide to join the union; Explanation on the statistical implication.

Lord MacLaurin's committee on the structure of cricket recommended a three-conference championship with play-offs. The English Cricket Board, however, decided to retain the existing 18-step `ladder', with some incentives and penalties for top and bottom teams. This paper proposes a scheme under which there would be three regional conferences with the top teams going through to play-offs. Among the benefits would be much improved incentives since the majority of teams would be in the running for play-off places for most of the season. [ABSTRACT FROM AUTHOR]

This lacklustre performance belies a history of significant internet entrepreneurs who pioneered UK ecommerce (Archives IT, [3]) and UK internet engineers whose fundamental contributions help make the internet that we know today (Kirstein, [12]). NN regulation is frequently proffered as a notion that all internet data is equal and, as such, flat-rate broadband packages based on internet speed are the most fair and equitable way to offer broadband to consumers, presumably to maximise the data from all possible points of the internet. HOW NN REGULATION HARMED INNOVATORS The largest US internet companies were founded well before NN regulation was framed and had already globalised by the time rules were imposed in 2015. [Extracted from the article]

The article offers the author's insight on various aspects related to gross domestic product (GDP) in Great Britain. Topics discussed include the implication the Brexit referendum which refers to the decision of the country to withdraw from European Union for GDP, the influence of Chinese economy for the economic condition of Great Britain, and the link between real GDP and macroeconomics.

In the light of the rolling bandwagon of socially responsible investment (SRI), this paper attacks gilt-edged securities as highly unethical investments. With gilts not conforming to the rules laid down by the government for the private sector, the author invites the pension funds to shake off this anachronism in favour of expansion of the corporate bond market. [ABSTRACT FROM AUTHOR]

Elaborates on the need for privatization to encourage innovation in higher education in Great Britain. Arguments used to support state involvement in higher education; Problem on the government's conception of the role of higher education in the economy.

Discusses the method of financing old-age pensions in Great Britain. Proposal to phase out the State Earnings Related Pensions Scheme; Pay-as-you-go scheme; Role of the government in public welfare.

Focuses on the use of surveys in issues concerning the government of Great Britain. Result of a survey on whether to ban the dihydrogen monoxide water; Reaction of the public to surveys conducted about breast implants; Opinion on the significance of surveys.

In Great Britain, a basic inter-urban network of motorways was completed in a very short period between the end of 1959 and 1972. We calculate that this substantial investment had the potential to reduce most inter-urban journey times by about one third. In spite of this, a recent OECD study suggested that the investment had no discernible positive impact on the trend rate of economic growth. We attribute this outcome to a serious misalignment of the early investments with the then predominant flows of industrial and commercial traffics and a significant, and probably endogenous, increase in real wages in a road transport industry in which labour productivity was slow to improve. We conclude with a number of policy recommendations. [ABSTRACT FROM AUTHOR]