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The Two Freedoms, Economic Growth and Development: An Empirical Study

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  • Wu, Wenbo
  • Davis, Otto A

Abstract

Log-linear methods are applied to categorical data containing economic freedom, political freedom, the level of income, and the rate of economic growth for a panel of about 100 countries from 1975 to 1992. The main results are: given economic freedom, the rate of economic growth is independent of political freedom and the level of income; given the level of income, political freedom is independent of economic freedom and the growth rate. The analysis suggests the fundamental effects of economic freedom in fostering economic growth, and a high level of income as the condition of a high degree of political freedom. Copyright 1999 by Kluwer Academic Publishers

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  • Wu, Wenbo & Davis, Otto A, 1999. "The Two Freedoms, Economic Growth and Development: An Empirical Study," Public Choice, Springer, vol. 100(1-2), pages 39-64, July.
    • Handle: RePEc:kap:pubcho:v:100:y:1999:i:1-2:p:39-64
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