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An ordinal ranking of economic institutions

Author

Listed:
  • Scott Beaulier
  • Robert Elder
  • Cheryl Han
  • Joshua C. Hall

Abstract

We provide the first ranking of countries’ economic institutions using an ordinal methodology. Using the five areas of the Fraser Institute’s Economic Freedom of the World (EFW) index, we find that final rankings of a country’s institutions are sensitive to the importance-ordering of Area 1 (Size of Government). When Areas 2--5 are in the most important position, we find that there is no significant difference between the EFW rankings and our rankings. When Area 1 is placed in the most important position, however, a number of European countries with large welfare states but good governance do poorly.

Suggested Citation

  • 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.
    • Handle: RePEc:taf:applec:v:48:y:2016:i:26:p:2482-2490
    DOI: 10.1080/00036846.2015.1122736
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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. Joshua C. Hall & Donald J. Lacombe & Timothy M. Shaughnessy, 2019. "Economic Freedom And Income Levels Across U.S. States: A Spatial Panel Data Analysis," Contemporary Economic Policy, Western Economic Association International, vol. 37(1), pages 40-49, January.
    3. Wu, Dengsheng & Li, Jing & Lu, Xiaoli & Li, Jianping, 2018. "Journal editorship index for assessing the scholarly impact of academic institutions: An empirical analysis in the field of economics," Journal of Informetrics, Elsevier, vol. 12(2), pages 448-460.

    More about this item

    JEL classification:

    • Q14 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Finance
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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