This composite indicator is expressed as an index number which rates each country's degree of economic freedom on a scale ranging from 1 (lowest possible score) to 10 (highest possible score). This work has resulted in the development of a numerical index which, in its most recent version (Gwartney and Lawson, 2002), ranks 123 countries in terms of their degree of economic freedom, as measured by a composite of 38 indicators grouped in five major categories (size of government, legal structure, monetary and banking policy, international trade, and regulation). Since 1986, a group of researchers associated with the Fraser Institute have focused on the definition and measurement of an internationally comparable index of economic freedom (Easton and Walker, 1992 Gwartney, Block and Lawson, 1996 Gwartney and Lawson, 2003, 2004). Un gran número de estudios que se han publicado a principios de la decada de 1990 han sido fundamentados en la 'teoria neoclásica del crecimiento económico', y este enfoque es seguido como una primera aproximación, aunque el objetivo principal del documento es la evaluación del poder explicativo de un creciente número de variables adicionales que no son usualmente contempladas en el enfoque convencional neoclásico.
El problema de investigacion se enmarca en el enfoque llamado 'regresión del crecimiento', que trata de explicar esta variación al relacionar el crecimiento económico con una serie de potenciales variables explicativas. A large number of studies published since the early 1 990's have been based on the so-called "neo-classical theory of economic growth," and this approach will be followed as a first approximation, though the main purpose of the paper is to evaluate the incremental explanatory power of several additional variables not usually contemplated in the conventional neo-classical approach.Įl objetivo de este estudio es explicar las variaciones estadisticas en el crecimiento economico de un conjunto de paises en el periodo 1980-1999. This problem will be addressed within the framework of the so-called "growth-regression" approach, which seeks to explain this variation by relating economic growth to a list of potential explanatory variables. The purpose of this study is to explain the statistical variation in economic growth rates in a broad cross-section of countries, over the period 1980-1999. Economic Freedom and World Economic Growth: Evidence and Implications*
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