Institute of Economic Affairs

Institute of Economic Affairs is a London-based think-tank. The IEA was founded in 1955 by Sir Anthony Fisher and Lord Harris. Originally the group published a series of papers. By 1963, it was incorporated as a private company. Over the years, a number of economists who wrote for IEA publications would go on to receive Nobel Prizes in their field. The Institute has become influential, and has the objective of contributing to public debate about economic and social policy in order to have even more influence. At its heart, then, the Institute is a communications organisation, with a focus on putting forth the ideas of free market economics into public discourse through variety of communications channels.

The IEA characterizes itself as a 'free-market think-tank.' Its mission is to "improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems." The IEA's doctrine is rooted in the work of Friedrich Hayek, whom the founders knew. These principles, which espouse the free market as a solution to all manner of economic and social problems, guide the research that is conducted to the conclusions it reaches. At the heart of the Institutes belief system is the idea that "society's problems and challenges are best dealt with by individuals, companies and voluntary associations interacting freely with each other without interference from politicians and the state."

The core work of the Institute of Economic Affairs is "analysis and communication." Since its inception, the Institute has focused on the production of written works such as reports, books and papers, as well as a journal. It also works so that its staff members have access to media outlets in order to broadcast their views to a wider audience. The Institute also hosts conferences and seminars in order to bring together like-minded thinkers and others with an interest in the group's ideas on public policy. There is also a student outreach program, in which the Institute seeks to work with students and teachers to "change the climate of opinion in the long-term" and "equip tomorrow's leaders with a deep understanding of free market economics."