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How much economic freedom is necessary for economic growth? Theory and evidence

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Author Info
Morris Altman () (University of Saskatchewan)

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Abstract

The hypothesis that economic freedom and related variables are significant determinants of real per capita income and growth is critically evaluated. Economic freedom is found necessary for higher levels of per capita income and growth largely in terms of threshold effects as opposed to persistent marginal effects. More economic freedom does not appear to yield higher levels of per capita income. And securing particular levels of economic freedom does not guarantee higher levels of per capita income or growth. Secure private property rights is found to be a most significant positive causal variable as is sound money, whereas moderate amounts of labor regulation and big government are not found to be bad for the economy. Also, good corporate governance, in addition to economic freedom, is of considerable import. Unlike most studies, traditional statistical methods are supplemented by graphical analysis in an effort to determine threshold values for economic freedom and its components.

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File URL: http://economicsbulletin.vanderbilt.edu/2008/volume15/EB-07O10037A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 15 (2008)
Issue (Month): 2 ()
Pages: 1-20
Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Handle: RePEc:ebl:ecbull:v:15:y:2008:i:2:p:1-20

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Postal: Economics Bulletin, Department of Economics, 414 Calhoun Hall, Vanderbilt University, Nashville TN 37235, USA
Phone: 615-322-2920
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Related research
Keywords: corruption economic freedom governance government growth labor rights New institutional economics private property rights statistical analyses threshold effects

Find related papers by JEL classification:
O1 - Economic Development, Technological Change, and Growth - - Economic Development
B4 - Schools of Economic Thought and Methodology - - Economic Methodology

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This page was last updated on 2008-7-12.

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