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New Interpretations of Indices of Economic Freedom

In: The Design and Use of Political Economy Indicators

Author

Listed:
  • King Banaian
  • William Luksetich

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).

Suggested Citation

  • King Banaian & William Luksetich, 2008. "New Interpretations of Indices of Economic Freedom," Palgrave Macmillan Books, in: King Banaian & Bryan Roberts (ed.), The Design and Use of Political Economy Indicators, chapter 0, pages 155-170, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-61662-2_8
    DOI: 10.1057/9780230616622_8
    as

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