New Interpretations of Indices of Economic Freedom

King Banaian and William Luksetich

Chapter Chapter 8 in The Design and Use of Political Economy Indicators, 2008, pp 155-170 from Palgrave Macmillan

Abstract: Abstract The Heritage Foundation/Wall Street Journal Index of Economic Freedom is the best known index documenting the factors affecting economic freedom and showing the relation between measures of economic well-being (Gross Domestic Product in Purchasing Power Parity—GDPPPP, hereafter) and economic freedom. Economic freedom as defined in their annual Index of Economic Freedom is “the absence of government coercion or constraint on the production, distribution, or consumption of goods and services beyond the extent necessary for citizens to protect and maintain liberty itself. In other words, people are free to produce, consume, and invest in the ways they feel are most productive” (Beach and Miles 2005, p. 1).

Keywords: Monetary Policy; Central Bank; Economic Freedom; Purchasing Power Parity; Central Bank Independence (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-61662-2_8

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DOI: 10.1057/9780230616622_8

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