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The creation of the Economic Freedom of the World index

In: Handbook of Research on Economic Freedom

Author

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  • James D. Gwartney
  • Robert A. Lawson

Abstract

This chapter describes the historical background, creation, and evolutionary development of the Economic Freedom of the World (EFW) index first published by the Fraser Institute in 1996. The index measures the extent to which the institutions and policies of various countries are coordinated by personal choice, voluntary exchange, open markets, and clearly defined and enforced property rights. The major changes from the initial index to the current more comprehensive measure are also outlined and described. The current EFW index uses 42 different components and sub-components grouped into five major areas to provide a measure of economic freedom for 165 countries and territories. The index makes it possible for researchers to analyze cross-country differences in economic freedom, track changes through time, and examine their impact on the performance of economies.

Suggested Citation

  • James D. Gwartney & Robert A. Lawson, 2024. "The creation of the Economic Freedom of the World index," Chapters, in: Niclas Berggren (ed.), Handbook of Research on Economic Freedom, chapter 2, pages 16-30, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21220_2
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    File URL: https://www.elgaronline.com/doi/10.4337/9781802206159.00008
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    Citations

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    Cited by:

    1. Meg Tuszynski, 2025. "Liberating the literature: A project on women and economic freedom," Contemporary Economic Policy, Western Economic Association International, vol. 43(4), pages 568-572, October.
    2. Murat Çokgezen, 2026. "The attitude of the Turkish population towards markets, wealth and capitalism," Economic Affairs, Wiley Blackwell, vol. 46(1), pages 115-131, February.
    3. repec:jpe:journl:2054 is not listed on IDEAS
    4. Stefani Branilović & Tibor Rutar, 2025. "Neoliberalism and Globalization Are Not Undermining Democracy: Panel Evidence From More Than 140 Countries, 1980–2022," American Journal of Economics and Sociology, Wiley Blackwell, vol. 84(5), pages 797-821, November.
    5. Brandon Parsons & David Smith, 2026. "Does economic freedom light the shadows? Economic freedom and the informal economy in developing countries," Economic Change and Restructuring, Springer, vol. 59(3), pages 1-33, June.
    6. Richard J. Cebula, 2025. "Exploratory Empirical Evidence of the Impact of Economic Freedom on the Real Interest Rate Yield on High-grade Municipal Bonds," The Review of Regional Studies, Southern Regional Science Association, vol. 55(3), pages 178-188.

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