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Freedoms and Economic Growth

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  • McMillan, John
  • Rausser, Gordon
  • Johnson, Stan

Abstract

This paper investigates the empirical foundation for policy reform prescriptions suggested by the institutional approach to eco,nomic growth and development. The focus is the relationship between institutional reforms, measured by changes in a country's political rights or civil liberties, and economic growth. In addition to finding support for the idea that institutional • reforms can cause increases in economic growth, four major implications emerge: (i) the economic benefits of freedom reforms are systematic and significant, (ii) economic benefits, in the form of increased growth, occur with a substantial lag after the initiation of reforms in political rights or in civil liberties, (iii) types of reforms likely to be successful differ by geographic region of the world, and (iv) civil liberties are particularly advantageous to • economies in low growth years.

Suggested Citation

  • McMillan, John & Rausser, Gordon & Johnson, Stan, 1991. "Freedoms and Economic Growth," Institute for Policy Reform Working Paper Series 294675, Institute for Policy Reform.
    • Handle: RePEc:ags:iprwps:294675
    DOI: 10.22004/ag.econ.294675
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Gordon C. Rausser, 1990. "A New Paradigm for Policy Reform and Economic Development," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(3), pages 821-826.
    3. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 503-530.
    4. Williamson, Oliver, 1991. "Comparative Economic Organization: The Analysis of Discrete Structural Alternatives," Institute for Policy Reform Archive 294665, Institute for Policy Reform.
    5. Krueger, Anne O, 1974. "The Political Economy of the Rent-Seeking Society," American Economic Review, American Economic Association, vol. 64(3), pages 291-303, June.
    6. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 407-443.
    7. Gordon C. Rausser, 1982. "Political Economic Markets: PERTs and PESTs in Food and Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(5), pages 821-833.
    8. Gordon C. Rausser, 1982. "Political Economic Markets: PERTs and PESTs in Food and Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(5), pages 821-833.
    9. Gordon C. Rausser, 1982. "Political Economic Markets: PERTs and PESTs in Food and Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(5), pages 821-833.
    10. Scully, Gerald W, 1988. "The Institutional Framework and Economic Development," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 652-662, June.
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