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Fall 2015
ISSN 0890-913X
Volume 30, Number 3

Determining Economic Freedom: Democracy, Political competition, and the Wealth Preservation Struggle

Jody W. Lipford, Presbyterian College
Bruce Yandle, Mercatus Center at George Mason University and Clemson University
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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=2015 Journal of Private Enterprise vol 30 no 3 parte1.pdf&rsargs[]=0
TheJournalofPrivateEnterprise30(3),2015,118DeterminingEconomicFreedom:Democracy,PoliticalCompetition,andtheWealthPreservationStruggleJodyW.LipfordPresbyterianCollegeBruceYandleMercatusCenteratGeorgeMasonUniversityandClemsonUniversity______________________________________________________AbstractThebeneficialeffectsofeconomicfreedomonlivingstandardsandsocialoutcomesaremanyandwell-documented.Weexaminefactorsthatexplaineconomicfreedom.First,weusethefiftyUSstatesasourunitofanalysistoevaluatehoweconomicfreedomisdeterminedinacompetitivepoliticalsystem,whereresourcesaremobileacrossborders.Second,weemployamultiequationmodelthatincludestheeffectsofeconomicfreedomonincome,employment,andincomedistribution.Thismodelyieldsmanyinterestingresults,includingsupportforthehypothesisthatstakeholders,withwealthputatriskbygovernmentpolicies,arecrucialplayersinthepoliticalprocessthatdetermineseconomicfreedom.______________________________________________________JELCodes:D63,H75,R11Keywords:economicfreedom,regionalcompetition,income,employment,incomeinequalityI.IntroductionThebenefitsofeconomicfreedomarewell-knownandwidelydocumented.Ingeneral,economicfreedomhasbeenshowntobeassociatedwithhigherlivingstandards,morerapideconomicgrowth,longerlifeexpectancy,andimprovedenvironmentalquality(ClarkandLee2006;ClarkandPearson2007;HankeandWalters1997;CampbellandRogers2007).Notsurprisingly,economicfreedomispositivelycorrelatedwithnetmigration,aspeoplebothforeignandTheauthorsexpressappreciationtotheeditorandrefereesforhelpfulcomments.1
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