Economic Freedom and World Economic Growth: Evidence and Implications
DOI:
https://doi.org/10.35319/lajed.20055254Keywords:
Economic growth, Economic FreedomAbstract
The purpose of this study is to explain the statistical variation in economic growth rates in a broad cross-section of countries, over the period 1980-1999. This problem will be addressed within the framework of the so-called "growth-regression" approach, which seeks to explain this variation by relating economic growth to a list of potential explanatory variables. A large number of studies published since the early I990's have been based on the so-called "neo-classical theory of economic growth", and this approach will be followed as a first approximation, though the main purpose of the paper is to evaluate the incremental explanatory power of several additional variables not usually contemplated in the conventional neo-classical approach.
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