50,000 views for our "Economics is Fun" videos
Among the most fun things I did this year was the series of short videos about economics. My book Economics Made Simple was published in January, so I decided to upload some YouTube videos to put across its basic ideas in a snappy way, taking only about 3 minutes for each. They were not really scripted, except that they were based on the book.
Xander stepped in, and there were just two of us. I was presenter and he handled cameras, lights, sound, filming, cutting, editing and graphics. We recorded them over a three-week period, doing several per day. I picked up whatever was to hand at the last minute to use as a prop. For the first one I collected the office bell on the way up to the mezzanine overlooking the street, and rang the bell for each error. We deliberately tried to keep them user-friendly and with an amateur look to them, instead of a slick finish. I wore a different T-shirt for each of the 20 videos.
The series took off well, and we advertised them on Guido's site to keep up the momentum. The total views now exceed 50,000, and we've had many invitations to give talks to schools from teachers who've seen them. We called the series "Economics is Fun," and it was. It's much better than calling it "the dismal science."
Young Writer on Liberty 2012/13
This year we ask students to submit three essays for the ‘Young Writer on Liberty’ competition on the theme:
Three policy steps to a freer, better world
The title of each article is entirely up to you.
1st Prize:
£500 cash prize
3 articles published on www.old.adamsmith.org
3 books on the subject of liberty
2 weeks work experience at the ASI
2 Runners up:
2 articles published on www.old.adamsmith.org
A collection of Adam Smith Institute books
Entrants must be 20 or under on the closing date, the 1st February 2013. All articles must be under 400 words. All entries and questions should be submitted to pete@old.adamsmith.org. Good luck!
Independent Seminar on the Open Society - October 2012
The Adam Smith Institute’s Sixth Form conference - The Independent Seminar on the Open Society - was attended by over 280 students this October. The event focused on economics, offering students an insight into some aspects of the discipline which are not covered by the A-Level syllabus.
Dr Madsen Pirie began proceedings by speaking on the importance of economics. He debunked concepts such as the Marxist Labour Theory of Value and explained the impotency of mathematics in explaining human action. Those interested in such arguments should watch Madsen’s series ‘Economics is Fun’ which now has over 113,000 views.
Steve Baker MP put the case for markets as promoters of moral actions. While any moral code we know (including the secular portions of the commandments) have not been able to make all act morally, neither can markets make us moral. However, market institutions do promote and encourage moral behaviours.
Emily Skarbek introduced her research on the Chicago fire of 1871, a fascinating existence proof for community responses to natural disasters. The ability of local people with particular knowledge of the needs they faced calls into question the commonly held view that governments are best placed to deal with such tragedies.
Tim Evans reminded students that we do not have a free market in the United Kingdom. In fact, even the money we use is controlled in a distinctly soviet fashion. Indeed, the Berlin Wall of today is in our pockets. It is this state control of money that Tim argued will be responsible for the next financial crisis.
Chris Snowdon and Tam Fry debated the need for a fat tax to combat obesity in the United Kingdom. While Tam argued that obesity posed a coming crisis for the NHS, Chris argued that a tax would be ineffective and against the paternalistic tones of such a measure. The students voted against a fat tax.
The event attracted students from around 30 schools, with most rating the day as Good or Excellent. Teachers and students should note that our next ISOS event is planned for the Spring of 2013, and they can e-mail pete@old.adamsmith.org if they wish to receive further details.
A gradual tightening
Ayn Rand’s Howard Roark succinctly summarises the only real obstacle to individual achievement in a single line: “the question isn’t who is going to let me; it’s who is going to stop me.”
Fans of Rand (and private sector workers) know that few forces in the world have more stopping power than a government. With its monopoly on violence and its ability to rewrite the rules, government possesses the power to interfere with the private lives of those who live under it even when these persons are willing to abide with the multitude of other laws, regulations and taxes, not all of them fair, to which they are subject. And in the exercise of this power it can be unfair and arbitrary; democracies and tyrannies alike have the power to reduce the efforts of a single person to nothing, to crush him utterly for any reason such a government might choose. Last month brought the news that, as has happened many times in many nations, our government has done exactly that.
By revoking the “very highly trusted” status of London Metropolitan university without providing for any transitional arrangements, the Home Office gives that institution’s current and future students a mere 60 days to either find an alternative sponsor or to self-deport. These are not very good options.
Those who would see themselves as members of Middle England, whether working or not, will doubtlessly be delighted by the news. In a Daily Express piece calling for further crackdowns on illegal immigration three days ago, the London Met debacle received an Express mention; and though I do not ordinarily recommend the Express to my friends and readers at the Adam Smith Institute, as it is illustrative of Middle English sentiment to foreign migration, I will make an exception on this occasion.
Adorning its article with a photograph of our deadly serious-looking Home Secretary, Theresa May, the Express trumpeted the government’s efforts to “block sham marriages,” restrict access to credit and mobile phone contracts for over-stayers, deport prisoners, capture abscondees, and track down failed asylum seekers. All of this, the Express tells us, is part of a broader initiative to reduce “net migration” to “tens of thousands” – a stupid, relative concept with no economic basis and, in any case, a move which both industry and academia have vociferously opposed.
But the relevant point for present purposes is the conflationary link, where the Express betrays that it really views all immigrants to be the same, found at the article’s very end: “no decision has been taken on whether to strip London Metropol itan University of its right to take foreign students” – legal immigrants, who jumped through all the hoops, filled in all the forms, paid the fees, and at any rate who should commence studying at London Metropolitan university in a month. As a consequence of government action, these young people will be made to suffer a serious, life-altering disruption in the course of their lives. Given competition for university places and this very late stage, without rapid government intervention to fix its own mistake, individual remedies will not be readily found.
The structure of the Express’ article reveals, and is illustrative of, the struggle for establishment that immigrants in the UK face: whether legal or illegal, well-off or poor, studious and energetic or lazy and dull, immigration is a political question, and immigrants – current and future – are the collateral which unpopular governments post to offset the risks from their other political liabilities. As a political football, therefore, all immigrants are equal and equally problematic.
Take my own case, for example. A few years ago, after finishing my undergraduate, I had planned to finish graduate school and continue my leave under the “Highly Skilled Migrant,” or the “Super-Immigrant who is rich, pays taxes, and is not entitled to benefits” visa; however, before I could do that, the regime was revoked and replaced. I joined its replacement, the “Tier 1 – post-study” visa, and jumped into “Tier 1 General” class as soon as I could.
Clearly some other people had the same idea as, shortly afterwards, “Tier 1- post study” was abolished and the income, available funds, and educational thresholds for T1General extensions were increased. When this failed to stem the tide of rich, well-educated, taxpaying people remaining the country, the income and funds criteria for extension were increased yet again, and new applications in T1 General were abolished entirely. What was once a quiet and predictable legal environment under Blair has been in complete disarray and subject to constant chance ever since there was a threatening opposition in parliament; over the course of six years, the immigration rules to which many legal immigrants have been subject have been changed, in a fundamental way, at least six times, possibly more. Each change presents new challenges, and more failed applications as migrants cannot meet the higher thresholds. And this, our government tells us, is an indication of success.
I am not alone. From my immediate circle of friends, I can think of a half-dozen examples of well-educated people on the road to success and high taxation whose lives have been hampered by the veritable orgy of recent legislative activity concerning migration. One investment banker I know decided, after a few years in exile in her home country, to return to Britain; she is now tethered to her current employment due to the abolition of T1 General, whereas if she had come but two years earlier, she would have been able to choose her employment freely. Another banker I know who was similarly tethered quit the country and returned to Texas rather than stay tied to a job she despised; still others are prevented from obtaining jobs for which they are qualified, as the administrative burden to smaller companies of complying with Tier 2 visa sponsorship is, for many, absurdly high.
Bankers, with their relatively high incomes, have it relatively easy – others are less lucky. Take, for example, the couple who had to fly abroad for a quickie wedding – planned, but two years early – in order to get around the fact that Tier 1 had tightened up. Or the self-sufficient lighting designer and AV technician who could not start his own business and legally remain after finishing an Open University course, despite having all the resources and connections to do so. Or the law graduate who, being supported by her parents, not eligible for (or taking) benefits while working as a paralegal, self-deported when she could not afford to jump into Tier 1. The young lawyer who tried to get a mortgage, but was rejected by the bank because the credit risk of a time-limited visa was too high due to the high probability of rule changes or non-renewal. The finance professional who, on account of the fact that her visa allowed her only to work in Scotland, was ordered to leave (which, being a law-abiding American, she promptly did) after being successful enough to find work in London in spite of the recession.
I could go on. What is clear from my view in the trenches is that the government’s obsessive tinkering with the rules is hugely disruptive and damaging to business and individual lives, and it must end.
It pains me greatly to have to hyperlink again to the website of the Express, doubly so as the article concerned features Tory MP Douglas Carswell – one of my favourites – arguing in favour of further tightening, in this case by “[insisting] on medical insurance” for all incoming migrants. For certain sorts of immigrants this is a proposal I would support (there are some stories I would like to tell to support this point which, for a number of reasons, I cannot). What is not made clear is whether the enterprising young things – the university students who are destined to pay taxes and NI and work in banks and law firms, for newspapers and insurance companies, in your productive industries as well as in enterprises of our own – would have to buy independent insurance, too.
If this were the case, I should object, since including bright and promising migrants in such a proposal would be, in economic terms, a silly thing to do. Tighten the noose if you wish, but this is the 21st century and we are young, we are hungry and we are mobile. If this country tries to stop us, there are plenty of others that won’t.
Ayn Rand’s Howard Roark succinctly summarises the only real obstacle to individual achievement in a single line: “the question isn’t who is going to let me; it’s who is going to stop me.”
Fans of Rand (and private sector workers) know that few forces in the world have more stopping power than a government. With its monopoly on violence and its ability to rewrite the rules, government possesses the power to interfere with the private lives of those who live under it even when these persons are willing to abide with the multitude of other laws, regulations and taxes, not all of them fair, to which they are subject. And in the exercise of this power it can be unfair and arbitrary; democracies and tyrannies alike have the power to reduce the efforts of a single person to nothing, to crush him utterly for any reason such a government might choose. Last month brought the news that, as has happened many times in many nations, our government has done exactly that.
By revoking the “very highly trusted” status of London Metropolitan university without providing for any transitional arrangements, the Home Office gives that institution’s current and future students a mere 60 days to either find an alternative sponsor or to self-deport. These are not very good options.
The Liberty Lectures 2012
Next month the ASI hosts its annual event, The Liberty Lectures on the 23rd August from 2-6pm. An afternoon of lectures for students only [but we'll be putting everything on Youtube as well — ed.], that aim to introduce them to big ideas they might not otherwise encounter. This August, the conference will cover economics, history and politics, with lectures on four big ideas that can help how we view the world.
'Only Individuals Choose' – Dr. Anthony J. Evans
A discussion of the use of individualism as an approach to social sciences. As opposed to a conventional perception of Economics as being something akin to Newtonian Mechanics, Anthony will put the case for doing away with an overreliance on models.
'Public Choice Theory' – Dr. Mark Pennington
Going within the black box of government, Mark will put forward the Public Choice School case for considering the role of incentives in public institutions.
'History as the Story of Liberty' – Dr. Stephen Davies
Eschewing the conventional narrative of history, Steve persuasively argues for a conception of history as a struggle between ruling and ruled classes.
'Causes of the Next Financial Crisis' – Jamie Whyte
Many see us as in a post-crisis state after the turmoil of 2007. Rather than just being in a slump, Jamie will argue that we are merely in the eye of the storm. The solutions to the last crisis which politicians are now putting in place are setting us up for an even bigger fall.
If you would like to attend, or you know a student who might be interested, please RSVP to events@old.adamsmith.org.
We look forward to seeing you there!
Economics Is Fun – 40,000 views and counting!
The series of 20 videos that Madsen and Xander made early this year is still going strong. Total views have just passed 40,000, and are still climbing steadily. The idea arose after Madsen published "Economics Made Simple," (just £2.84 on Kindle!) and the aim was to put across the essential (but often ignored) truths about economics in a light-hearted and if possible, entertaining way.
They decided to keep to a very brief format, with each YouTube video about two-and-a-half to three minutes long. The idea is to show how economics builds up in a series of logical steps from first principles derived from common sense.
At a time when large parts of the world economy seem to be tottering on the brink of chaos, it has never been more important to have some grasp of how economics actually works, and what governments and others can and cannot do about it.
The ASI has attracted new readers and new fans from this successful series, whose videos can be seen here.
Our Spring sixth form conference
Last week we held our first sixth form conference of 2012 in Westminster. ISOS, the Independent Seminar on the Open Society, has been running for many years and is extremely popular with sixth formers and teachers.
One teacher I met at our conference told me how her pupils were much more free market than her and were keen to come to all our student events. A number of pupils attended independently and a couple of students travelled all the way from Yorkshire to take part. Hundreds of the free books we provided were snapped up within minutes and we were inundated with requests for work experience and for more events for sixth formers. The enthusiasm of those attending and the quality of the questions asked were truly inspiring - encouraging me that there may be many more libertarians amongst the next generation.
As always, the speeches at ISOS were excellent and can be viewed on our YouTube page [We didn't get the debate at the end of the day between Jamie Whyte and the nef's Nic Marks, but I'm going to embed rest of the videos on the blog later today - ed.]. Dr Tim Evans’s talk on ‘The Morality of Markets’ was the highlight of the day for me and sparked challenging discussions on the myth of ‘market failure’ and controversial topics such as whether the banks should have been bailed out.
I wasn’t alone in my enjoyment of the day. In our feedback forms, 100% of the attendees rated the day as ‘excellent’ or ‘good’ (with the majority voting excellent!). The comments on the forms were all very encouraging with pupils writing “Absolutely great, outstanding and highly intellectual seminar. Thank you!” and “Excellent conference. Really widened the way I thought about the topics discussed.” And that’s just a glimpse. The feedback was overwhelmingly positive and served as a great reminder to us of why we choose to focus so much of our energy on student work.
Plans are already underway for our next ISOS conference in November 2012 and details will be out soon. If you are a sixth-former who is interested in attending, please do get in contact. And if you are a teacher or know of a teacher who would benefit from hearing more about our student conferences, please do drop me an email at sally@old.adamsmith.org.
We’d really like to increase the frequency of these events, but that is only possible with the support of people who share our vision of educating the next generation on the importance of free markets and a free society. If you would like to donate towards our work in this area, we would of course be delighted to hear from you!
ISOS 2012
Next Wednesday (25th April) the ASI will be holding its next Independent Seminar for the Open Society (ISOS) in Westminster. The one-day conference is aimed at sixth-form students and undergraduates with an interest in politics and economics. Named for philosopher Karl Popper’s book ‘The Open Society and its Enemies’, ISOS explores the principles and practicalities of an open, free and tolerant society.
Political views are formed from an early age and it’s a sad fact that far too few people come across free market and classical liberal ideas during their formative years. However we at the ASI are pretty confident that classical liberal ideas are very appealing to young people because they emphasise individualism, peace and mutually beneficial exchange. ISOS is just part of our work to inspire young people with the ideas of liberty and free markets.
On Wednesday we will have Dr Tim Evans talking on the morality of markets and Dr Madsen Pirie giving a short talk, based on his ‘Economics is fun’ videos, on economics for real people. Chris Snowdon, author of our cigarette plain packaging report, will be lecturing on prohibition and its discontents and Tony Gilland will be talking on the right to be offensive. The day will finish with a debate between Jamie Whyte and Nic Marks on whether it is the role of government to make people happy.
There are still some places available for sixth formers and undergraduates so please email isos@old.adamsmith.org if you would like to attend. Full details on the conference are here: http://www.old.adamsmith.org/events
For those of you who don’t fall into that bracket, but are interested to find out more about our work with young people or interested to support our student work, do feel free to email us!
IHS summer seminars
Our friends at the Institute for Human Studies have sent over this blurb about their student seminars this summer, which I'm more than happy to promote. IHS seminars are absolutely superb, with top-class speakers and lecture topics, and (in my experience) some truly excellent attendees who are a pleasure to get to know. The one thing I've noticed is that far too few British students tend to go. If you have a week free this summer, I highly recommend changing that and applying.
2 Weeks to Apply: IHS Summer Seminars on Liberty
Explore ideas that helped end slavery, introduce religious freedom, and inspire the women’s suffrage movement. More than ten weeklong seminars apply classical liberal ideas, such as individual rights and free markets, to topics in history, economics, journalism, policy, and more. From breakfast ‘til the evening reception, you can debate and discuss the ideas of liberty with enthusiastic professors and peers from around the world.
Good news for your wallet: the Institute for Humane Studies covers, meals and program costs; participants only pay for travel. Undergraduates, graduate students, and recent graduates are eligible to apply. Learn more: http://www.theihs.org/AdamSmithInstitute.
Final deadline: March 31