In: World Development, 50 (2013), pp. 74-90. ISSN 0305-750X
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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.
Document type: | Article |
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Journal or Publication Title: | World Development |
Volume: | 50 |
Publisher: | Elsevier Science |
Place of Publication: | Amsterdam |
Date Deposited: | 18 Nov 2014 09:25 |
Date: | 2013 |
ISSN: | 0305-750X |
Page Range: | pp. 74-90 |
Faculties / Institutes: | The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics |
DDC-classification: | 300 Social sciences |
Uncontrolled Keywords: | economic freedom, happiness, life satisfaction, government size, institutions |