Documents
Adam Smith’s ‘Theory of Productivity Growth’
The full title of Adam Smith’s major work is An Inquiry into the Nature and Causes of the Wealth of Nations (the “WoN”). Today we observe governments
March 23, 2026
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Insights into Regulation
Adam Smith and the Navigation Acts
Marking the 250th anniversary year of the publication of the Wealth of Nations, in the second of a series of blogs on the contemporary relevance of Adam Smith’s work, the Insights team take a look at his nuanced, changing assessment of the English Navigation Acts
February 24, 2026
Insights into Regulation
Revisiting Adam Smith’s Four Principles of Taxation
In The Wealth of Nations, Adam Smith put forward four general principles that he judged a tax system should satisfy. While the economic system then was much smaller and much less complex than now – the revenue required by the state funded a much narrower range of activities – principles are relatively enduring across changes in contexts.
January 30, 2026
Studies in Regulation
What happens when digital competition policy meets AI?
In this paper, Daniel Pryor argues that competition interventions in digital markets have often been premised on faulty economic assumptions and therefore led to various unintended consequences
November 2, 2025
Past Learnings
Commercial Society and its Internal Enemies – A Smithian Synopsis
In this new piece in our Past Learnings Series, George Yarrow discusses the publicly perceived “untrustworthiness” of politicians
July 4, 2025
Insights into Regulation
On tariffs and tanks – M. Bastiat vs. Mr Trump
Scaling geologic time to (say) one year, homo sapiens has existed for less than an hour. In that twinkling of an eye, we have developed some capacity for foresight – an enormous evolutionary leap in one of nature’s creatures.
February 13, 2025
Past Learnings
Fabellia Revisited: A Thought Experiment on the Regulation of Migration Flows
The 6th piece in our series Past Learnings, this piece is an extensive re-working of a paper first published in September 2016, which was likewise a thought experiment on a potential regulatory approach to the control of migration flows
January 21, 2025
Past Learnings
Past Learnings: Simple stories, complex systems and corrupted economics
The RPI’s latest piece in our Past Learnings Series discusses the complexity of economic systems and the common inability of policy-makers to fully account for that complexity when making policy changes.
October 29, 2024
Insights into Regulation
The Costs of Change
“Change” was the slogan of the British Labour Party in the recent General Election. It certainly didn’t do serious damage to electoral prospects; but it
October 21, 2024
Materials from Conferences
When is it important to recognise that not every x is a y?
This is a write-up of the session “Statistics in Regulation and Policy“, given at the RPI Annual Competition and Regulation Conference 2024. This may seem
October 11, 2024
Past Learnings
The Division of Labour in Government and its Implications for Productivity Growth
Our 4th paper in our Past Learnings series, this short paper discusses the division of labour within the organisational and institutional structures that we call
August 28, 2024
Past Learnings
The Economists’ Onion
This piece in the Past Learnings Series is based on a hitherto unpublished internal Regulatory Policy Institute Paper dating from 2012.
August 7, 2024
Insights into Regulation
Entrepreneurship as human capital
Entrepreneurship is something of a ‘ghost in the machine’ so far as most economic theorising is concerned. It’s widely mentioned and tends to be encouraged by politicians, but detailed analysis of the concept is largely missing from standard economics. So, we ask: what is its nature, why is it important, and what (very briefly) might be done to encourage it?
July 19, 2024
Insights into Regulation
Elegant regulation vs ‘retail politics’
A quick web-search for the meaning of the word elegant yields the following (from Oxford languages): Adjective : (1) graceful and stylish in appearance or
June 21, 2024
Past Learnings
Why competition? 250 years of learning and forgetting in Political Economy
The notion that promoting competition is a Good Thing has become a consistent theme in economic policymaking in recent decades, accompanied by an implication that “the more of it the better” should be a presumptive policy stance. In contrast, very many members of the public appear to find these propositions far from obvious, not least those who are owners of, or workers for, business enterprises.
June 17, 2024
Past Learnings
Fairness, the Ultimatum Game and Public Policy
The notion of ‘fairness’ is widely referenced in public policymaking and enforcement, but with no settled meaning. What we see is incoherent application of the notion across economic contexts, a form of policy disorder with which we are well familiar. Moreover, the disorder (‘entropy’) appears to be increasing over time.
June 17, 2024
Insights into Regulation
Immigration and the Ultimatum Game
Alongside the Prisoners Dilemma, study of the Ultimatum Game (UG) and its variants is a rich source of experimental observations on human attitudes and conduct
May 28, 2024
Insights into Regulation
Securonomics: slogan and substance
Slogans can provide politicians with useful ways of signalling policy objectives. The “tough on crime, and tough on the causes of crime” slogan used by
April 30, 2024
Documents
UK Defence Policy – ‘seeing’ the whole terrain
The human brain has evolved over eons into a hemispheric structure, allowing a lateralisation of attention to our surroundings. The right-hemisphere (RH) ‘presences’ the world
March 18, 2024
Documents
Lao Tzu’s advice and UK Post Office governance
The Tao Te Ching is an ancient classic of Chinese Daoism whose authorship is conventionally attributed to a certain Lao Tzu. It contains advice on how to be a Sage, a person with sagacity. Significant sections are clearly directed at leaders in governance.
January 22, 2024
Books
Airport Enterprises: An Economic Analysis
‘Airport Enterprises: An Economic Analysis’ frames the airport firm as a business platform for a broad spectrum of commercial activities, some of which enjoy the characteristics of two-sided markets
November 7, 2023
Insights into Regulation
Plans versus Strategies: what can we learn from the Robin Redbreast?
‘No battle plan survives contact with the enemy’ was a sentiment expressed by Field Marshall von Moltke (the Elder), who knew a thing or two
October 15, 2023
Letters and Notes
The slow-moving disaster of English land use rules
Prof. John Muellbauer has recently shown that the regulatory wedge in the UK between house prices and the construction cost of new homes is currently at the highest level of the period covered by his data, and the highest in the G7.
September 4, 2023
Insights into Regulation
The merits of Merits Review
As set out in To ‘see’, or not to ‘see’: that is the question. Moving on from a half-brained system of economic governance – (rpiresearchgroup.org), the half-brained governance thesis (“H-BGT”) is suggestive of a wide range of relevancies to areas of public policy where development thinking seems to be struggling. One such is the question of whether regulatory and competition policy decisions by designated agencies should be subject to review on their merits, as administrative decisions, not just on their conformity with acceptable procedures.
August 8, 2023
Essays in Regulation
To ‘see’, or not to ‘see’: that is the question. Moving on from a half-brained system of economic governance
Why do similar mistakes appear to be repeated over and over again in the conduct of economic policy? Why does there appear to be so little error-learning/learning-from-experience in this domain of human activity? Why does knowledge and the application of knowledge in these matters appear not to progress cumulatively in the manner of the physical sciences?
In this major Essay in Regulation, Harold Hutchinson and George Yarrow seek to outline some answers, building on insights from brain science. The first picture in the Essay, from the clinical work of Dr Iain McGilchrist, suffices to signal a ‘now for something completely different’ moment.
July 6, 2023