Title
Institutions and human progress: An analysis of international pooled data
Publication Date
7-13-2009
Publication Name
Eastern Economic Journal
Volume
35
Issue
3
First Page
396
Last Page
414
Source Full Text URL
https://doi.org/10.1057/eej.2008.28
Document Type
Article
DOI
10.1057/eej.2008.28
Abstract
This study investigates the impact of the components of economic freedom (Economic Freedom of the World Index, EFW) on improvements in well-being using pooled data of 105 countries spaced at 5-year intervals between 1990 and 2000. The EFW as well as other control variables are regressed on the log-odds ratios of the Index of Human Progress (IHP), a measurement of progress constructed by the Fraser Institute, and its components. Extreme bound analysis demonstrates that countries with a higher quality of government, well-defined property rights, sound money, limited trade restrictions, and limited regulation experience higher levels of human progress as measured by the IHP.