How to Handle Economic Freedom: Reply to Lawson
نویسندگان
چکیده
In this reply, we briefly deal with each of these issues. As Lawson points out, we cite Martin Paldam (2003) to convince skeptical readers that the economic freedom indicators provide valuable information and should be used more often in empirical research. Indeed, the change in the economic freedom indicator can be used as a proxy for the institutional changes and policies generally supported by the IMF. The economic freedom index, therefore, helps us to examine whether the IMF is right when it imposes conditions on loans to member states. This and other highly relevant issues can be fruitfully approached using the economic
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A comparison of aggregation methods for measures of economic freedom
Empiricists have used various editions of an economic freedom index (EFI) initially developed by Gwartney et al. (1996) [Gwartney, J., Lawson, R., Block, W., 1996. Economic Freedom of the World: 1975–1995. Fraser Institute, Vancouver.] to examine the relationship between economic freedom and other socio-economic variables, such as growth or investment. The EFI quantifies the level of particular...
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