Economic freedom is measured by, among other things, levels of personal choice, the ability to enter markets and the security of privately-owned property. According to the Fraser Institute's annual Economic Freedom of the World report, the United States ranks 16th in terms of being an economically free country. It is a significant fall from its second-place status in 2000.
"A weakened rule of law, the so-called wars on terrorism and drugs, and a confused regulatory environment have helped erode economic freedom in the United States," explains Fred McMahon, one of the report's authors.
There is a vast amount of literature on the benefits of economic freedom. For instance, a review of 45 studies by economists Chris Doucouliagos and Mehmet Ali Ulubasoglu shows a strong relationship between economic freedom and growth. But it is also associated with higher income levels (i.e., more money in people's pockets) and better environment outcomes (better living conditions).
https://reason.com/archives/2015/12/17/government-should-make-economic-freedom
"A weakened rule of law, the so-called wars on terrorism and drugs, and a confused regulatory environment have helped erode economic freedom in the United States," explains Fred McMahon, one of the report's authors.
There is a vast amount of literature on the benefits of economic freedom. For instance, a review of 45 studies by economists Chris Doucouliagos and Mehmet Ali Ulubasoglu shows a strong relationship between economic freedom and growth. But it is also associated with higher income levels (i.e., more money in people's pockets) and better environment outcomes (better living conditions).
https://reason.com/archives/2015/12/17/government-should-make-economic-freedom
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