An Ordinal Ranking of Economic Institutions

Scott Beaulier, Robert Elder, Cheryl Han and Joshua Hall
Additional contact information
Scott Beaulier: Arizona State University, W.P. Carey School of Business
Robert Elder: Beloit College, Department of Economics
Cheryl Han: Beloit College, Department of Economics

No 15-12, Working Papers from Department of Economics, West Virginia University

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.

Keywords: economic freedom; ordinal; net dominance metric (search for similar items in EconPapers)
JEL-codes: Q14 Q15 Q18 Q42 Q43 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2015-05
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Journal Article: An ordinal ranking of economic institutions (2016)
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