A_New_Historical_Database_on_Economic_Fr

A_New_Historical_Database_on_Economic_Fr - A New Historical...

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1 A New Historical Database on Economic Freedom in OECD Countries Leandro Prados de la Escosura (Universidad Carlos III and CEPR) Economic freedom can be depicted as absence of interference and coercion in individuals’ economic decisions. Secure privately owned property, contracts enforced, stable prices, small barriers to trade, and resources mainly allocated through the market are the main features of an economically free country. Views on the evolution of economic freedom differ widely and assessments tend to be highly qualitative and occasionally tinted by ideology. In recent times, empirical evidence has been gathered and synthesised as economic freedom indices (Miller and Kim, 2015; Gwartney et al., 2015). However, even if its spatial coverage is wide, these indices only refer to the recent past. As a consequence of the limited time coverage, the value of its lessons and policy implications is sharply reduced. Providing a long-run view of economic freedom and its main dimensions (the legal framework and property rights, the value of money, international trade, and regulation) is the main goal of the new historical database. In its current version, the new Historical Index of Economic Liberty ( HIEL
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