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Steady state economic freedom

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  • Ryan H Murphy

Abstract

This note projects forward into the distant future the number of countries existing under regimes of different levels of economic liberalism by deriving a transition probability matrix from Economic Freedom of the World data. Naively extrapolating trends from 1970-2020 suggests a modest majority of 165 countries will be economically free in the long-run steady state, with results driven by improvements in variables associated with the freedom to trade internationally and especially the quality of the legal system and property rights.

Suggested Citation

  • Ryan H Murphy, 2023. "Steady state economic freedom," Economics and Business Letters, Oviedo University Press, vol. 12(2), pages 132-136.
    • Handle: RePEc:ove:journl:aid:18957
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    File URL: https://reunido.uniovi.es/index.php/EBL/article/view/18957
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    References listed on IDEAS

    as
    1. Andrews, Matt & Pritchett, Lant & Woolcock, Michael, 2017. "Building State Capability: Evidence, Analysis, Action," OUP Catalogue, Oxford University Press, number 9780198747482.
    2. Russell S. Sobel & Christopher J. Coyne, 2011. "Cointegrating Institutions: The Time-Series Properties of Country Institutional Measures," Journal of Law and Economics, University of Chicago Press, vol. 54(1), pages 111-134.
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