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Economic Freedom, Capital, and Growth: Evidence from the States

Sarah Ihlenfeld, Joshua Hall and Yang Zhou
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Sarah Ihlenfeld: West Virginia University
Yang Zhou: University of North Texas

American Business Review, 2022, vol. 25, issue 1, 25-35

Abstract: Hall et al. (2010) develop a growth model where the allocation and productivity of human and physical capital depend on the quality of institutions in a country. We apply their model to the US states from 1980 to 2000. Using the Economic Freedom of North America as our measure of institutional quality, we find evidence that increases in human capital lead to increases in output per worker only in states with average EFNA scores above 5.91. Physical capital, unlike in the cross-country case, always has a positive effect on output per worker.

Keywords: Economic Freedom; Human Capital; Economic Growth; Migration (search for similar items in EconPapers)
JEL-codes: J24 O15 O40 (search for similar items in EconPapers)
Date: 2022
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