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The Economic Freedom of the World (EFW) index was first produced by Gwartney, Block, and Lawson (Economic Freedom of the World: 1975-1995; 1996) and has been updated annually since. During this period, the EFW index has been cited in hundreds of academic articles. Here, we provide an accounting and description of this literature. Of 402 articles citing the EFW index, 198 used the index as an independent variable in an empirical study. Over two-thirds of these studies found economic freedom to correspond to a 'good' outcome such as faster growth, better living standards, more happiness, etc. Less than 4% of the sample found economic freedom to be associated with a 'bad' outcome such as increased income inequality. The balance of evidence is overwhehning that economic freedom corresponds with a wide variety of positive outcomes with almost no negative tradeoff's. (JEL PO, 043), I. INTRODUCTION AND HISTORICAL BACKGROUND The Economic Freedom of the World (EFW) index was first produced by Gwartney. Block, and Lawson (1996) and has been updated annually since. (1) The [...]

We aim to put comparative price developments of transition economies in an international perspective. We argue that estimating simple price-productivity relationships without the inclusion of other explanatory factors connected to reform effort might severely bias estimates for CEEC and CIS economies. Our results imply that, when controlling for reform effort and therefore avoiding this endogeneity problem, the price-productivity elasticity for CEEC and CIS economies was not different from that of non-transition economies during the first 15 years of transition. Comparative Economic Studies (2013) 55, 99-119. doi: 10.1057/ces.2012.35; published online 29 November 2012 Keywords: Balassa-Samuelson, transition JEL Classifications: F40, F43, INTRODUCTION AND MOTIVATION Aggregate price levels expressed in a common currency at going nominal exchange rates are generally higher in richer than in poorer economies, an observation dubbed the 'Penn [...]

The September 2008 financial market collapse and subsequent world economic crisis have significantly influenced international scholarly debate, policy practice, and economic relations. The economic crisis has led experts and policy actors to redefine core aspects of economic governance. I analyze current competing perspectives on economic issues within the Group of Twenty (G20) and argue that discursive contestation has delegitimized previous neoclassical conventional wisdom, especially the efficient markets hypothesis. This has been rejected as a core principle of economic policy by industrialized and developing states, plus international fora. As a consequence, the bounds of rationality of individual actors and policy norms have been reconstituted. Also Keynesian policies have been implemented in important national and international contexts. I compare the contemporary situation with the post-war 'Bretton Woods era' of embedded liberalism, concluding that many recent national policies and the consolidation of international economic governance constitute an ad hoc embedded liberalism. Keywords: G20, Embedded Liberalism, Economic Governance, Keynesian, Neoclassical, Ordoliberal, Crisis, Bretton Woods, Multilateralism, Dissensus, Conventional Wisdom. El colapso de los mercados financieros en septiembre del 2008 y la subsecuente crisis economica mundial han influenciado significativamente los debates academicos internacionales, la practica legislativa y las relaciones economicas. La crisis economica ha obligado a expertos y actores politicos a redefinir aspectos fundamentales de la gobernanza economica. Analizo diferentes perspectivas sobre asuntos economicos dentro del Grupo de los Veinte (G20) durante este periodo y sostengo que el debate discursivo ha deslegitimizado paradigmas neo-clasicos anteriores, especialmente la hipotesis de los mercados eficientes. Esta ha sido rechazada como un principio fundamental de las politicas economicas por paises industrializados y en vias de desarrollo, ademas de foros internacionales. Como consecuencia, los limites de la racionalidad de los actores individuales y las disposiciones legislativas han sido reformulados. Ademas, las politicas keynesianas han sido implementadas en importantes contextos nacionales e internacionales. Comparando la situacion actual con la 'era Bretton Woods' de liberalismo incorporado de la posguerra, concluyo que muchas politicas nacionales recientes y la consolidacion de la gobernabilidad economica internacional constituyen un liberalismo incorporado ad hoc., The Group of Twenty (G20) has become a key forum for international economic governance since 2008. It has been a significant focus for international attempts to resolve a series of [...]

Regional economic development competition can be inefficient and destructive because decisions by one governmental unit can impose both externalities on its neighbors. Collaborative networks of multiple stakeholders within and across jurisdictions are an increasingly crucial component of regional economic development. In this article, we focus on the emergence of voluntary and self-organizing network relationships among local governments to address economic development concerns. The motivations and decisions of local actors play a critical role in shaping and implementing regional collaboration. On a micro level, the collaboration choices are shaped by three primary factors: the transaction costs reflected in the configuration of relationships in which an actor is embedded; the organizational similarities (homophily); and the resource dependencies that shape the local actors' preferences for forming relationships with other specific actors. We utilize an exponential random graph model (ERGM) to test hypotheses regarding the most prominent observed patterns of network relationships within and across different organizational sectors. The results demonstrate that both reciprocity and social clustering structures are preferred by both government and nongovernment organizations. These results suggest that interorganizational collaboration for economic development requires more than simple exchange relationships. Rather, network actors may be better served by participating in a densely clustered network that is capable of maintaining credible commitments to collective solutions. KEY WORDS: interorganizational collaboration, exponential random graph model, economic development policy network, Introduction Responsibility for local economic development in the United States is highly fragmented as each governmental unit exercises independent authority. Paul Peter-son (1981) claims the attraction of business and investment [...]

Respective roles of infrastructure in enhancing economic performance and of regulated asset bases on furnishing credible long-term contracts are discussed. Guidelines on how the government and related institutions should prepare the requirements of a credible regulatory framework for infrastructure are also presented, with emphasis on decreasing the cost of capital.

A study was conducted to present a simplified model for comparison of the spatial distribution of economic activity resulting from free market conditions. The study also examines the public policy measures needed to lead the economy towards the optimal distribution. It is concluded that public policy needs to consider a combination of measures.

The literature concerning the relationship between economic governance and economic activity in market economies is studied. Recommendations for investors, traders, policy advisers and makers are provided.

A study was conducted to examine U.S. metropolitan areas' reduction in the local share of economic activity relative to the export share. The shift from manufacturing to services was no longer sufficient to offset the increasing export orientation of non-manufacturing industries. It is concluded that policy-makers continue to have considerable discretion in their choice of economic agendas.

Regional and economic innovation policies in Finland are discussed, focusing on centers of expertise, regional centers and multipolis programs. Regional policy in the country supports population by equal access to healthcare. Larger urban areas are integrated as regional clusters into the national innovation system.

A study was conducted to evaluate the performance of the Washington Consensus in Latin America from the point of view of the effects of external conditions. It is concluded that replacing the Consensus will require not only a reform of the international financial architecture, but also a return to the integrated policy framework.

A study was conducted to analyze the combination of a minimum wage and a devaluation/depreciation in order to release the external constraint on growth. It is concluded that this combination must come with an educational policy that supports skill upgrading.

The application of the Genuine Progress Indicator (GPI) to the state of Victoria, Australia for the period 1986-2003 is reviewed. The GPI includes individual cost and benefit items that are responsible for social, environmental, and economic impacts associated with a growing economy. The policy implications of this application are also discussed.

Intense policy and academic interest in the 'economics of ageing' has come about as a result of the demographic trends that have been experienced over the last 50 years and that are projected for the next 50 years. Key economic policy issues relate to the design of public pensions, welfare systems, healthcare and invalidity benefits, and the regulation of private pensions and other retirement saving. This paper presents an overview of the beginnings of a research agenda targeted towards increasing the empirical evidence on these issues in England and providing extensive data for subsequent research. The paper focuses on summarising some recent data on how individuals' economic circumstances, and in particular the ability and willingness to work, change from age 50 onwards. This will be a key factor in determining the ability of economic institutions to adjust to new socio-demographic equilibria in which individuals are living for longer. Further issues for more extensive empirical research are also identified.

Citizen participation in government budgeting processes is a topic that has received attention for many decades. Despite prescriptive exhortations to cities, research in this area has significant limitations. We identify four elements that are believed to influence the participation process. The variables within each element have received attention in the empirical literature, but no systematic effort has been made to uncover interaction effects and extend theory to make it more robust. We consider the weaknesses of our knowledge, suggest an impact model of citizen participation in budgeting, and identify hypotheses that may be tested in future research.

A monetary union is modelled as a technology that makes a surprise policy deviation impossible and requires voluntarily participating countries to follow the same monetary policy. Within a fully dynamic context, we show that such an arrangement may dominate a regime with independent national currencies. Two new results are delivered by the voluntary participation assumption. First, the optimal plan is shown to respond to a country's temptation to leave the union by tilting both current and future policy in its favour. This yields a non-linear rule according to which each country weight in policy decisions is time-varying and depends on its incentive to abandon the union. Second, we show that there might be conditions such that a break-up of the union, as has occurred in some historical episodes, is efficient. The paper thus provides a first formal analysis of the incentives behind the formation, sustainability, and disruption of a monetary union.