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Measuring economic freedom: a comparison of two major sources

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  • Rati Ram

Abstract

Overall country ratings on economic freedom by Fraser Institute and Heritage Foundation, which are probably the two most widely-used sources, are compared. Numerous cases of huge differences between country ranks for the two sets of ratings are noted. A simple illustration shows that inferences based on one set of ratings can be very different from those suggested by the other set. Researchers, policy-makers and other users are urged to exercise caution in drawing strong conclusions on the basis of ratings from either source.

Suggested Citation

  • Rati Ram, 2014. "Measuring economic freedom: a comparison of two major sources," Applied Economics Letters, Taylor & Francis Journals, vol. 21(12), pages 852-856, August.
    • Handle: RePEc:taf:apeclt:v:21:y:2014:i:12:p:852-856
    DOI: 10.1080/13504851.2014.894620
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    Cited by:

    1. Josef C. Brada & Ichiro Iwasaki, 2022. "The Effect of Target-Country Institutions on Cross-Border Merger and Acquisition Activity: A Quantitative Literature Survey," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 7(1), pages 1-70.
    2. Md Gyasuddin Ansari & Rudra Sensarma, 2022. "Does Economic Freedom Influence the FDI - Growth Nexus in BRICSASEAN Economies?," Working papers 530, Indian Institute of Management Kozhikode.
    3. Bennett, Daniel L. & Faria, Hugo J. & Gwartney, James D. & Morales, Daniel R., 2017. "Economic Institutions and Comparative Economic Development: A Post-Colonial Perspective," World Development, Elsevier, vol. 96(C), pages 503-519.
    4. Josef C. Brada & Ichiro Iwasaki, 2023. "Do target-country legal institutions affect cross-border mergers and acquisitions? A quantitative literature survey," European Journal of Law and Economics, Springer, vol. 55(2), pages 225-289, April.
    5. Cheang, Bryan & Lim, Hanniel, 2023. "Institutional diversity and state-led development: Singapore as a unique variety of capitalism," Structural Change and Economic Dynamics, Elsevier, vol. 67(C), pages 182-192.
    6. Ryan H. Murphy, 2016. "A Comment on "Measuring Economic Freedom: A Comparison of Two Major Sources"," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 31(Fall 2016), pages 69-91.
    7. Muhammad Hussain & Farzan Yahya & Muhammad Waqas, 2021. "Does strong governance stimulate the effect of economic freedom and financial literacy on financial inclusion? a cross-country evidence," Future Business Journal, Springer, vol. 7(1), pages 1-10, December.
    8. Colin O’Reilly & Ryan H. Murphy, 2017. "Exogenous Resource Shocks and Economic Freedom," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 59(3), pages 243-260, September.
    9. Thomas R. Scholz, 2024. "Improving the measurement of economic freedom by replacing government size with government effectiveness," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 21(1), pages 3-33, June.
    10. Plehwe, Dieter, 2021. "The Development of Neoliberal Measures of Competitiveness," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 155-181.

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