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Who Benefits from Economic Freedom? Unraveling the Effect of Economic Freedom on Subjective Well-Being

Gehring, Kai

In: World Development, 50 (October 2013), pp. 74-90. ISSN http://www.sciencedirect.com/science/article/pii/S0305750X13001150

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Abstract

Who benefits from economic freedom? Results from a panel of 86 countries over the 1990–2005 period suggest that overall economic freedom has a significant positive effect on subjective well-being. Its dimensions legal security and property rights, sound money, and regulation are in particular strong predictors of higher well-being. The overall positive effect is not affected by socio-demographics; the effects of individual dimensions vary, however. Developing countries profit more from higher economic freedom, in particular from reducing the regulatory burden. Culture moderates the effect: societies that are more tolerant and have a positive attitude toward the market economy profit the most.

Item Type: Article
Journal or Publication Title: World Development
Volume: 50
Date Deposited: 18 Nov 2014 09:25
Date: October 2013
ISSN: http://www.sciencedirect.com/science/article/pii/S0305750X13001150
Page Range: pp. 74-90
Faculties / Institutes: The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics
Subjects: 300 Social sciences
Controlled Keywords: economic freedom, happiness, government size
Uncontrolled Keywords: economic freedom, happiness, life satisfaction, government size, institutions
Schriftenreihe ID: Discussion Paper Series / University of Heidelberg, Department of Economics
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