TITLE

Short Run Macroeconomic Performance and Economic Freedom: Can Economic Growth Rates be Higher and More Stable?

AUTHOR(S)
Lipford, Jody W.
PUB. DATE
September 2007
SOURCE
Journal of Private Enterprise;Sep2007, Vol. 23 Issue 1, p3
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Economists have examined the effects of economic freedom on economic outcomes such as growth, income inequality, and quality of life. Yet, economists have not examined one of the chief criticisms of market capitalism: unstable growth. In this paper I examine the link between market capitalism, as measured by an economic freedom index, and short run macroeconomic performance. Regression results provide no evidence that economic freedom increases fluctuations in the business cycle, but instead support the hypothesis that economic freedom decreases these fluctuations. Economic freedom appears to not only raise material standards of living, but also to mitigate fluctuations around those standards.
ACCESSION #
28378634

 

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