Lessons from the experience of OECD nations on macroeconomic growth and economic freedom, 2004–2008
AbstractThis study empirically investigates the impact on per capita real economic growth of each of the ten measures of economic freedom computed annually by the Heritage Foundation. Within the context of the Random Effects Model, panel least squares estimations using a 5-year panel (2004 through 2008) dataset for the OECD nations as a group reveal that the percentage growth rate in the purchasing-power-parity adjusted per capita real GDP for OECD nations was, at the 5 % statistical significance level or better, an increasing function of at least seven of the ten economic freedom measures. The results underscore the critical role that economic freedom plays in a nation’s economic growth and prosperity and the importance of pursuing policies that are consistent with increasing economic freedom. Copyright Springer-Verlag 2012
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Bibliographic InfoArticle provided by Springer in its journal International Review of Economics.
Volume (Year): 59 (2012)
Issue (Month): 3 (September)
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Web page: http://www.springer.com/economics/journal/12232
Find related papers by JEL classification:
- P10 - Economic Systems - - Capitalist Systems - - - General
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
- E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
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