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Economic Freedom Research: Some Comments and Suggestions

Author

Listed:
  • Jamie Bologna

    (West Virginia University, College of Business and Economics)

  • Joshua C. Hall

    (West Virginia University, College of Business and Economics)

Abstract

The Economic Freedom of the World (EFW) index is extensively used in academic research to show how economic freedom relates to a wide array of economic and social outcomes. Given this, it is important that researchers understand the goal of the index and how to properly utilize this index in their research. There seem to be several common misconceptions about the EFW index resulting from a simple misunderstanding of the index itself. This paper discusses each of these misconceptions in turn and makes suggestions for future research. This paper aims to significantly improve the quality of research using the EFW index, and possibly the EFW index itself through the development of new datasets and weighting schemes.

Suggested Citation

  • Jamie Bologna & Joshua C. Hall, 2014. "Economic Freedom Research: Some Comments and Suggestions," Working Papers 14-23, Department of Economics, West Virginia University.
    • Handle: RePEc:wvu:wpaper:14-23
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    File URL: http://busecon.wvu.edu/phd_economics/pdf/14-23.pdf
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    References listed on IDEAS

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    6. Joshua C. Hall & Robert A. Lawson, 2014. "Economic Freedom Of The World: An Accounting Of The Literature," Contemporary Economic Policy, Western Economic Association International, vol. 32(1), pages 1-19, January.
    7. James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 643-643, December.
    8. Andrew T. Young & Jamie Bologna, 2016. "Crises And Government: Some Empirical Evidence," Contemporary Economic Policy, Western Economic Association International, vol. 34(2), pages 234-249, April.
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    10. Ewing, Bradley T. & Payne, James E. & Caporin, Massimilano, 2022. "The Asymmetric Impact of Oil Prices and Production on Drilling Rig Trajectory: A correction," Resources Policy, Elsevier, vol. 79(C).
    11. Joshua C Hall & Robert Lawson & Chuck Skipton, 2011. "Estimating the size of the trade sector in the Economic Freedom of the World index," Economics Bulletin, AccessEcon, vol. 31(1), pages 466-472.
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    Cited by:

    1. Joshua Hall & John Levendis & Alexandre R. Scarcioffolo, 2020. "The Efficient Corruption Hypothesis and the Dynamics Between Economic Freedom, Corruption, and National Income," Journal of Developing Areas, Tennessee State University, College of Business, vol. 54(3), pages 161-175, July-Sept.
    2. Pál Czeglédi, 2020. "The consistency of market beliefs as a determinant of economic freedom," Constitutional Political Economy, Springer, vol. 31(2), pages 227-258, June.
    3. Scott Beaulier & Robert Elder & Cheryl Han & Joshua C. Hall, 2016. "An ordinal ranking of economic institutions," Applied Economics, Taylor & Francis Journals, vol. 48(26), pages 2482-2490, June.
    4. Joshua C. Hall, 2017. "A "Model" Model: McCloskey and the Craft of Economics," Working Papers 17-09, Department of Economics, West Virginia University.
    5. Pál Czeglédi, 2015. "Are both dimensions of property rights "efficient"?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 12(1), pages 41-69, July.
    6. Judit Kapás & Pál Czeglédi, 2017. "Institutions and policies of economic freedom: different effects on income and growth," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 34(2), pages 259-282, August.

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    More about this item

    Keywords

    economic freedom; measurement; negative liberty;
    All these keywords.

    JEL classification:

    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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