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Clusters of economic freedom

Author

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  • Toby Huskinson
  • Robert Lawson

Abstract

This article uses K-means clustering to group countries using the information from the five areas of the Economic Freedom of the World (EFW) index. The resulting clusters of countries are similar but not identical to quartile groupings found using the overall EFW index. Simple comparisons of socio-economic outcomes along the one-dimensional EFW index yield different results compared with the multidimensional-based country clusters. In particular, social democratic market economies appear to outperform liberal market economies using these simple comparisons.

Suggested Citation

  • Toby Huskinson & Robert Lawson, 2014. "Clusters of economic freedom," Applied Economics Letters, Taylor & Francis Journals, vol. 21(15), pages 1070-1074, October.
    • Handle: RePEc:taf:apeclt:v:21:y:2014:i:15:p:1070-1074
    DOI: 10.1080/13504851.2014.909565
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    References listed on IDEAS

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    1. Heckelman, Jac C. & Stroup, Michael D., 2005. "A comparison of aggregation methods for measures of economic freedom," European Journal of Political Economy, Elsevier, vol. 21(4), pages 953-966, December.
    2. Morris Altman, 2013. "Economic Freedom, Material Wellbeing, and the Good Capitalist Governance Index," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(1), pages 247-268.
    3. Jac C. Heckelman & Michael D. Stroup, 2000. "Whcich Economic Freedoms Contribute to Growth?," Kyklos, Wiley Blackwell, vol. 53(4), pages 527-544, November.
    4. repec:bla:kyklos:v:55:y:2002:i:3:p:417-220 is not listed on IDEAS
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    1. James E. Payne & James W. Saunoris & Saban Nazlioglu & Cagin Karul, 2023. "The convergence dynamics of economic freedom across U.S. states," Southern Economic Journal, John Wiley & Sons, vol. 89(4), pages 1216-1241, April.
    2. Ryan H. Murphy, 2019. "The state economic modernity index: an index of state building, state size and scope, and state economic power," Economics of Governance, Springer, vol. 20(1), pages 73-101, March.
    3. Ryan H. Murphy, 2022. "On Whether the Size of Government Belongs in Economic Freedom Indices," Econ Journal Watch, Econ Journal Watch, vol. 19(1), pages 1-47–57, March.
    4. 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.

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