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Examining the Hayek-Friedman hypothesis on economic and political freedom

  • Lawson, Robert A.
  • Clark, J.R.

This paper examines empirically the hypothesis made famous by Nobel Laureates Friedrich A. Hayek and Milton Friedman that societies with high levels of political freedom must also have high levels of economic freedom. In our judgment, the Hayek-Friedman hypothesis holds up fairly well to historical scrutiny. Using data on economic and political freedom for a sample of up to 123 nations back as far as 1970, we find relatively few instances of societies combining relatively high political freedom without relatively high levels of economic freedom. In addition, we find that these cases are diminishing over time. Finally, we examine several cases of countries on different economic and political freedom journeys.

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Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 74 (2010)
Issue (Month): 3 (June)
Pages: 230-239

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Handle: RePEc:eee:jeborg:v:74:y:2010:i:3:p:230-239
Contact details of provider: Web page: http://www.elsevier.com/locate/jebo

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  1. repec:cto:journl:v:18:y:1998:i:2:p: is not listed on IDEAS
  2. Pitlik, Hans & Wirth, Steffen, 2003. "Do crises promote the extent of economic liberalization?: an empirical test," European Journal of Political Economy, Elsevier, vol. 19(3), pages 565-581, September.
  3. Dawson, John W., 2003. "Causality in the freedom-growth relationship," European Journal of Political Economy, Elsevier, vol. 19(3), pages 479-495, September.
  4. Farrant, Andrew & McPhail, Edward, 2009. "Hayek, Samuelson, and the logic of the mixed economy?," Journal of Economic Behavior & Organization, Elsevier, vol. 69(1), pages 5-16, January.
  5. repec:cto:journl:v:24:y:2004:i:3:p: is not listed on IDEAS
  6. James D. Gwartney & Randall G. Holcombe & Robert A. Lawson, 2004. "Economic Freedom, Institutional Quality,and Cross-Country Differences in Income and Growth," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 205-233, Fall.
  7. Manuel Vega-Gordillo & José L. Ãlvarez-Arce, 2003. "Economic Growth and Freedom: A Causality Study," Cato Journal, Cato Journal, Cato Institute, vol. 23(2), pages 199-215, Fall.
  8. repec:ucp:bkecon:9780226264141 is not listed on IDEAS
  9. 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.
  10. Stroup, Michael D., 2008. "Separating the influence of capitalism and democracy on women's well-being," Journal of Economic Behavior & Organization, Elsevier, vol. 67(3-4), pages 560-572, September.
  11. W. Kenn Farr & Richard A. Lord & J. Larry Wolfenbarger, 1998. "Economic Freedom, Political Freedom, and Economic Well-Being: A Causality Analysis," Cato Journal, Cato Journal, Cato Institute, vol. 18(2), pages 247-262, Fall.
  12. de Haan, Jakob & Sturm, Jan-Egbert, 2003. "Does more democracy lead to greater economic freedom? New evidence for developing countries," European Journal of Political Economy, Elsevier, vol. 19(3), pages 547-563, September.
  13. Dawson, John W, 1998. "Institutions, Investment, and Growth: New Cross-Country and Panel Data Evidence," Economic Inquiry, Western Economic Association International, vol. 36(4), pages 603-19, October.
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