My recent research is focused on monetary economics, and I specialise in critiquing the conduct of central banks from the perspective of free banking and the Austrian school of economics.

I am also engaged in a project studying Belarus. You can read about that with: My Journey to Belarus and Which way forward for Belarus?

My broader research fits into the following main categories:

Jump to: academic articles | trade journals | policy studies

Publications – IDEAS | Publications – Research Gate | Citations – Google Scholar | Working Papers – SSRN

Academic articles


I have published over 30 peer-reviewed articles in journals such as Eastern European Economics, The Journal of Business Ethics, Critical Review, Review of Political Economy, and The Review of Austrian Economics.

2020 “The upper turning point in the Austrian business cycle theory” Review of Austrian Economics, (with Nicolas Cachanosky & Robert Thorpe)

2020 “The Natural Rate of Interest: Estimates for the UK“, Economic Affairs, Vol 40, Issue 1., pp. 24-35 [spreadsheet]

2019 “Ranking Belarus on Competitiveness and Economic FreedomJournal of Entrepreneurship and Public Policy, (with Sierz Naurodski), Vol 8, No. 2., pp.226-240

2018 “A strategic plan for the East Belarus mechanical engineering clusterInternational Journal of Competitiveness Vol. 1, No. 3 (with Terence Tse)

2017 “Monetary Ratios in a Modern Regime: Why the Monetary Base still MattersEconomics Affairs, 37, No. 1, pp.102-111 | Data

2016 “A dynamic AD-AS analysis of the UK economy 2002-2010”, Journal of Private Enterprise, Vol. 31, No. 4, pp.97-105

2016 “The Great EU Debt Write-Off” (with Terence Tse and Jeremy Baker), Simulation and Gaming, Vol. 47, No. 4, pp.543-556

2016 “The Microfoundations of Austrian Economics through a New Classical Theoretical Lens” (with Paul Dragos Aligica), Review of Political Economy, Vol. 28, No. 1, pp.113-133

2016 “The unintended consequences of easy money: How access to finance impedes entrepreneurship”, Review of Austrian Economics, Vol. 29, No. 3, pp.233-252

*2014 “What is the Latin for ‘Mayonnaise’? A Response to Bagus, Howden and Gabriel”, Journal of Business Ethics, Vol. 131, Issue 3, pp. 619-623

2014 “Contemporary Work in Austrian Economics” (with Vlad Tarko) Journal of Private Enterprise, Vol. 29, No. 3, pp. 135-157

2014 “Not enough bricks: Monetary misperceptions and the UK housing boomQuarterly Journal of Austrian Economics, Vol. 17, No. 1, pp.19-45

2014 “A subjectivist’s solution to the limits of public choice”, Review of Austrian Economics, Vol. 27, No. 1, pp.23-44

*2013 “In Defence of ‘Demand’ Deposits: Contractual Solutions to the Barnett and Block, and Bagus and Howden Debate”, Journal of Business Ethics, Vol. 124, No. 2, pp. 351-364

2013 “The (quantity) theory of money and credit” (with Robert Thorpe), Review of Austrian Economics, Vol.26, No.4, pp.463-481

2013 “Balancing corporate culture: Grid-group and Austrian economics”, Review of Austrian Economics, Vol. 26, No. 3, pp. 297-309

2013 “A framework for the study of firms as constitutional orders” (with Nikolai G. Wenzel) Constitutional Political Economy, Vol. 24, No.1, pp.2-18

2012 “Pedagogical Synergies between Austrian Economics and the Case MethodJournal of Private Enterprise, Vol. 28, No. 1, pp.91-103

2012 “Heterogeneous entrepreneurship and the Sunday Times Rich List” (with Toby Baxendale) Procesos de Mercado, Vol. 9, No.1, pp.411-428

2012 “On not doing due diligence: Bagus and Howden on free banking” (with Steven Horwitz) Review of Austrian Economics, Vol. 25, No. 2, pp.149-157

2012 “Ethnic enterprise governance: a public choice analysis of Liverpool’s Chinatown” Journal of Enterprising Communities, Vol. 6, No. 1, pp.28-38

*2011 “”Search” vs “browse”: A theory of error grounded in radical (not rational) ignorance” (with Jeffrey Friedman), Critical Review, Vol. 23, Issue 1-2, pp.73-104

2010 “A Nomos Approach to Social Change: Where Human Action Meets Cultural TheoryNew Perspectives on Political Economy, Vol 6., No. 2, pp.51-77

2010 “The Parallels Between Sports Coaching and Graduate Teaching: Coach Boettke as Exemplar” Journal of Private Enterprise, Vol. 26, No. 1, pp.73-83

2010 “Austrian Economics Behind the Iron Curtain: The Rebirth of an Intellectual Tradition” Review of Austrian Economics, Vol. 23, No. 3, pp.243-268

2010 “What Austrian Business Cycle Does and Does Not Claim as True” Economic Affairs, 2010, pp.70-71

2009 “Look Beyond Your Neighbour: A Peer Group Analysis of the Environment for SMEs Across Europe” (with Davide Sola and Jerome Couturier) Les Cahiers de Friedland No 4., pp.77-92

2009 “Thought Experiments, Counterfactuals and Comparative Analysis” (with Paul Dragos Aligica) Review of Austrian Economics, Vol. 22, No. 3, pp. 225-239

Translated as: 2008 “Thought Experiments, Counterfactuals and Comparative Analysis” (with Paul Dragos Aligica) Revue Française d’Economie Vol. XXI, No. 4, pp. 45-71

2009 “Constitutional Moments in Eastern Europe and Subjectivist Political Economy” Constitutional Political Economy, Vol. 20, No. 2, pp.118-138

2008 “Testing Times for Central Banks: Is There Room for Austrian Economics at the Top Table?” (with Toby Baxendale) Economic Affairs, Vol. 28, Issue 4, pp.36-41

2008 “Austrian Business Cycle Theory in Light of Rational Expectations: The Role of Heterogeneity, the Monetary Footprint, and Adverse Selection in Monetary Expansion” (with Toby Baxendale) Quarterly Journal of Austrian Economics Vol. 11, No.3, pp.81-93

*2008 “Dealing with Dissent: Whistleblowing, Egalitarianism and the Republic of the Firm” Innovation: The European Journal of Social Science Research, Vol. 21, No. 3, pp. 267-279

*2008 “The cultural foundations of management: a contemporary homage to Mary Douglas“ Innovation: The European Journal of Social Science Research Vol. 21, No. 3, pp. 83-184

*2008 “The Spread of the Flat Tax in Eastern Europe: A Comparative Study” (with Paul Dragos Aligica) Eastern European Economics Vol. 46 No. 3 pp. 55-74

2006 “Are Economic Ideas a Sustainable Commons? A Study of the Exchange of Creative Economics” Romanian Economic and Business Review Vol. 1 No. 3

2006 “The Spread of Economic Theology: The Flat Tax” Romanian Economic and Business Review Vol. 1 No. 1 pp.41-53

2005  “Ideas and Interests: The Flat Tax” Open Republic Vol. 1 No. 1

For working papers please see my entry on the SSRN:

* Denotes SSCI

“There are no miracles in economics, but there are wonders”

Ariel Rubinstein (‘Economic Fables‘, 2012, p.39)

Jump to: research > academic articles | trade journals | policy studies


Trade journals

Autumn 2012, “What is Austerity?” Economics Affairs Student & Teacher Supplement, Issue 3

July 2012 “Barclays isn’t the only one engaged in the manipulation of interest rates” in The LIBOR Reader, Institute  of Economic Affairs

December 2009 “Ekonomiju ne treba posmatrati iskljucivo kroz prizmu BDP-a” ekonom:east magazin, Broj 501 [in Serbian]

July 2009 “The Times’ Guide to the City”, advertisement feature in Alex Davidson,  How the Global Financial Markets Really Work, Kogan Page

April 2009 “Whistleblowing: using dissent for competitive advantage” Talent Management Review, pp. 23-25

January 2009 “Blowing the Whistle” Payroll & Human Resources, pp.38-40

January 2009 “Egalitarianism and the Failure of Whistleblower Protection” The Whistle, No. 57, pp.8-10

June 2008 “Emerging Market Trends from Europe” Applied Clinical Trials pp.42-50 (with Terence Tse)

2007 “Reflections on Mary Douglas: Institutions, Rationality, and Wisdom” Ama-gi Vol. 8 No.1 pp.61-65

October 2006 “Libertarianism in Romania” Revista 22 no. 867 [in Romanian]

Jump to: research > academic articles | trade journals | policy studies


Policy studies

I have contributed to a number of policy debates and have received notable coverage in the following areas:

  • Competitiveness and entrepreneurship policy
  • Flat taxes, corporation tax and public finance
  • NGDP targets and free banking

My work has been covered by newspapers such as The Times, The Sunday Times, The Daily Telegraph, and The Independent on Sunday.

A Belarus Monetary Perspective” Markets and Money Advisory, March 2018

Monetary Policy After the Crash” Adam Smith Institute, February 2018

In Search of Austerity: An Analysis of the British Situation” Mercatus Center, October 2012

The Single Income Tax” 2020 Tax Commission, May 2012 [I served as a commissioner]

    • Winner of the 2013 Templeton Freedom Award
    • “Business backs single income tax rate of 30%”, Financial Times
    • “Boost growth with 30pc flat rate, Osborne told”, Daily Telegraph
    • “Plan for 30% levy and end of stamp duty; The single tax rate”, The Times
    • “Tax shake-up urged to empower consumers and kick-start growth”, The Independent
    • “The Tax Reform Britain Needs”, Wall Street Journal Europe
    • “Calls for single 30% tax rate”, Daily Mail
    • “Tax cuts ‘booster'”, The Sun
    • “Demand for tax shake-up to aid recovery”, Sunday Express
    • Also covered by Sky News, BBC Two’s Daily Politics, BBC News Channel, ITV News.

Corporation Tax” 2020 Tax Commission Briefing Note, April 2011

    • Also covered on Page 3
    • Impact: in 2008 the rate of corporation tax was 28%. In 2011 successive UK governments started to reduce it, firstly to 26% and then to 24% in 2012, 23% in 2013, 21% in 2014, 20% in 2015, and 19% in 2017. During this period tax revenue rose by 44%.

Public Attitudes to Banking” The Cobden Centre, June 2010

2 days, 2 weeks, 2 months: A proposal for sound money” The Cobden Centre, June 2010

Enterprising Britain: Building the enterprise capital of the world” (with Davide Sola and Adina Poenaru), independent report for the Conservative Party, February 2008

See the interim report, published in October 2007, here.

Are Tesco Acting Competitively?” (with Toby Baxendale), submitted to the Competition Commission, December 2007 [Groceries Market – Third Party Submissions]

Sharpening the Thinking on the UK Audit Industry”, submitted to the Financial Reporting Council, May 2006 [Responses to Discussion Papers]

Jump to: research > academic articles | trade journals | policy studies

“The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutic achievements of the last centuries have been built”

Ludwig von Mises


My guides:

My reading lists:

For a complete list of posts on this website, see here.

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