Clusters of economic freedom

Toby Huskinson and Robert Lawson

Applied Economics Letters, 2014, vol. 21, issue 15, 1070-1074

Abstract: This article uses K-means clustering to group countries using the information from the five areas of the Economic Freedom of the World (EFW) index. The resulting clusters of countries are similar but not identical to quartile groupings found using the overall EFW index. Simple comparisons of socio-economic outcomes along the one-dimensional EFW index yield different results compared with the multidimensional-based country clusters. In particular, social democratic market economies appear to outperform liberal market economies using these simple comparisons.

Date: 2014
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DOI: 10.1080/13504851.2014.909565

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