The creation of the Economic Freedom of the World index

James Gwartney and Robert A. Lawson

Chapter 2 in Handbook of Research on Economic Freedom, 2024, pp 16-30 from Edward Elgar Publishing

Abstract: This chapter describes the historical background, creation, and evolutionary development of the Economic Freedom of the World (EFW) index first published by the Fraser Institute in 1996. The index measures the extent to which the institutions and policies of various countries are coordinated by personal choice, voluntary exchange, open markets, and clearly defined and enforced property rights. The major changes from the initial index to the current more comprehensive measure are also outlined and described. The current EFW index uses 42 different components and sub-components grouped into five major areas to provide a measure of economic freedom for 165 countries and territories. The index makes it possible for researchers to analyze cross-country differences in economic freedom, track changes through time, and examine their impact on the performance of economies.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2024
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