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The Benefits of Economic Freedom: A Survey

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Abstract

A new empirical field of research in economics shows that policies characterized by economic freedom produce economic growth. “Economic freedom” means such things as a small government, protection of private property, a well-functioning legal system, free competition and few regulations. The field also shows that under certain conditions, economic freedom improves income equality.

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Bibliographic Info

Paper provided by The Ratio Institute in its series Ratio Working Papers with number 4.

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Length: 30 pages
Date of creation: 09 Apr 2003
Date of revision:
Publication status: Published in The Independent Review, 2003, pages 193-211.
Handle: RePEc:hhs:ratioi:0004

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Postal: The Ratio Institute, P.O. Box 5095, SE-102 42 Stockholm, Sweden
Phone: 08-441 59 00
Fax: 08-441 59 29
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Web page: http://www.ratio.se/
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Keywords: Economic freedom; Economic growth; Equality; Freedom index;

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References

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  1. Heckelman, Jac C & Stroup, Michael D, 2000. "Which Economic Freedoms Contribute to Growth?," Kyklos, Wiley Blackwell, vol. 53(4), pages 527-44.
  2. Haan, Jakob de & Sturm, Jan-Egbert, 1999. "On the relationship between economic freedom and economic growth," CCSO Working Papers 199903, University of Groningen, CCSO Centre for Economic Research.
  3. Wu, Wenbo & Davis, Otto A, 1999. " The Two Freedoms, Economic Growth and Development: An Empirical Study," Public Choice, Springer, vol. 100(1-2), pages 39-64, July.
  4. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October.
  5. Peter H. Lindert & Jeffrey G. Williamson, 2003. "Does Globalization Make the World More Unequal?," NBER Chapters, in: Globalization in Historical Perspective, pages 227-276 National Bureau of Economic Research, Inc.
  6. Jeffrey Sachs & Andrew Warner, 1995. "Economic Reform and the Progress of Global Integration," Harvard Institute of Economic Research Working Papers 1733, Harvard - Institute of Economic Research.
  7. Herbert G. Grubel, 1998. "Economic Freedom and Human Welfare: Some Empirical Findings," Cato Journal, Cato Journal, Cato Institute, vol. 18(2), pages 287-304, Fall.
  8. Fölster, Stefan & Henrekson, Magnus, 2000. "Growth Effects of Government Expenditure and Taxation in Rich Countries," Working Paper Series in Economics and Finance 391, Stockholm School of Economics.
  9. Berggren, Niclas, 1999. " Economic Freedom and Equality: Friends or Foes?," Public Choice, Springer, vol. 100(3-4), pages 203-23, September.
  10. Magnus Henrekson, 2001. "Swedish Economic Growth A Favorable View of Reform," Challenge, M.E. Sharpe, Inc., vol. 44(4), pages 38-58, July.
  11. Kneller, Richard & Bleaney, Michael F. & Gemmell, Norman, 1999. "Fiscal policy and growth: evidence from OECD countries," Journal of Public Economics, Elsevier, vol. 74(2), pages 171-190, November.
  12. By Mohsin S. Khan & Abdelhak S. Senhadji, 2001. "Threshold Effects in the Relationship Between Inflation and Growth," IMF Staff Papers, Palgrave Macmillan, vol. 48(1), pages 1.
  13. Carlsson, Fredrik & Lundstrom, Susanna, 2002. " Economic Freedom and Growth: Decomposing the Effects," Public Choice, Springer, vol. 112(3-4), pages 335-44, September.
  14. Vijayaraghavan, Maya & Ward, William A., 2001. "Institutions and Economic Growth: Empirical Evidence for a Cross-National Analysis," Working Papers 112952, Clemson University, Center for International Trade.
  15. Z A Spindler & X Vanssay, 2002. "Constitutions And Economic Freedom," South African Journal of Economics, Economic Society of South Africa, vol. 70(6), pages 1135-1147, 09.
  16. Pitlik, Hans, 2002. "The Path of Liberalization and Economic Growth," Kyklos, Wiley Blackwell, vol. 55(1), pages 57-79.
  17. Dollar, David & Kraay, Aart, 2002. " Growth Is Good for the Poor," Journal of Economic Growth, Springer, vol. 7(3), pages 195-225, September.
  18. Ohlsson, H. & Agell, J. & Lindh, T., 1995. "Growth and the Public Sector: A Critical Review Essay," Papers 1995-09, Uppsala - Working Paper Series.
  19. Dan Johansson, 2005. "The Turnover of Firms and Industry Growth," Small Business Economics, Springer, vol. 24(5), pages 487-495, 06.
  20. Jac C. Heckelman, 2000. "Economic Freedom and Economic Growth: A Short-run Causal Investigation," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 71-91, May.
  21. Olson, Mancur, Jr & Sarna, Naveen & Swamy, Anand V, 2000. " Governance and Growth: A Simple Hypothesis Explaining Cross-Country Differences in Productivity Growth," Public Choice, Springer, vol. 102(3-4), pages 341-64, March.
  22. de Haan, Jakob & Siermann, Clemens L J, 1996. " New Evidence on the Relationship between Democracy and Economic Growth," Public Choice, Springer, vol. 86(1-2), pages 175-98, January.
  23. repec:cto:journl:v:18:y:1998:i:2:p: is not listed on IDEAS
  24. Sturm, Jan-Egbert & Leertouwer, Erik & de Hann, Jakob, 2002. "Which Economic Freedoms Contribute to Growth? A Comment," Kyklos, Wiley Blackwell, vol. 55(3), pages 403-16.
  25. Steven B. Caudill & Fernando C. Zanella & Franklin G. Mixon, Jr., 2000. "Is Economic Freedom One Dimensional? A Factor Analysis of Some Common Measures of Economic Freedom," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 25(1), pages 17-40, June.
  26. Weede, Erich & Kampf, Sebastian, 2002. "The Impact of Intelligence and Institutional Improvements on Economic Growth," Kyklos, Wiley Blackwell, vol. 55(3), pages 361-80.
  27. Robert J. Barro, 1998. "Determinants of Economic Growth: A Cross-Country Empirical Study," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522543, December.
  28. Martin Leschke, 2000. "Constitutional Choice and Prosperity: A Factor Analysis," Constitutional Political Economy, Springer, vol. 11(3), pages 265-279, September.
  29. De Vanssay, Xavier & Spindler, Z A, 1994. " Freedom and Growth: Do Constitutions Matter?," Public Choice, Springer, vol. 78(3-4), pages 359-72, March.
  30. Torstensson, Johan, 1994. "Property Rights and Economic Growth: An Empirical Study," Kyklos, Wiley Blackwell, vol. 47(2), pages 231-47.
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