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Proxies for Economic Freedom: A Critique of the Hanson Critique

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  • Jac C. Heckelman

    () (Wake Forest University)

Abstract

Economic freedom indicators have become quite popular recently as a useful tool to quantify the relationship between a country's institutions and its prosperity. In a recent article, Hanson (2003) criticizes these types of studies for: (i) failing to adequately distinguish between different proxies for economic freedom, (ii) not considering the potential for endogeneity, and (iii) accepting significance of economic freedom's ability to promote prosperity even though regression analysis generates “nonsensical” results. Closer inspection reveals that most of his arguments are questionable, do not apply to much of the literature, or are not original, and that he is guilty of misinterpreting his own econometric evidence relating freedom to the level of GDP.

Suggested Citation

  • Jac C. Heckelman, 2005. "Proxies for Economic Freedom: A Critique of the Hanson Critique," Southern Economic Journal, Southern Economic Association, vol. 72(2), pages 492-501, October.
  • Handle: RePEc:sej:ancoec:v:72:2:y:2005:p:492-501
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    Cited by:

    1. Nathan Ashby & Russell Sobel, 2008. "Income inequality and economic freedom in the U.S. states," Public Choice, Springer, vol. 134(3), pages 329-346, March.
    2. Thomas A. Garrett & Russell M. Rhine, 2011. "Economic freedom and employment growth in U.S. states," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 1-18.
    3. R. Hafer & Garett Jones, 2015. "Are entrepreneurship and cognitive skills related? Some international evidence," Small Business Economics, Springer, vol. 44(2), pages 283-298, February.
    4. Nathan J. Ashby, 2007. "Economic Freedom and Migration Flows between U.S. States," Southern Economic Journal, Southern Economic Association, vol. 73(3), pages 677-697, January.
    5. repec:pal:compes:v:59:y:2017:i:3:d:10.1057_s41294-017-0028-2 is not listed on IDEAS
    6. Belasen, Ariel R. & Hafer, R.W., 2013. "Do Changes in Economic Freedom affect Well-Being?," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 43(1).

    More about this item

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • C19 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Other
    • H19 - Public Economics - - Structure and Scope of Government - - - Other

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