The Fraser institute has tried to measure economic freedom based on a number of quantitative criteria. A simple definition of that criteria can be found in their latest executive summary:
The
cornerstones of economic freedom are personal choice, voluntary exchange, freedom to compete, and security of privately owned property. Forty-two variables are
used to construct a summary index and to measure the degree of economic freedom
in five broad areas:
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1 Size of Government;
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2 Legal System and Property Rights;
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3 Sound Money;
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4 Freedom to Trade Internationally;
5 Regulation.
The Fraser Institute's volume on the Economic Freedom of The World shows that the US is less the home of the free. We have seen the US decline to a level below the top ten. Is this a good measure? There can be strong arguments made on both sides of this measurement issue, but a criteria based on strict quantitative data can at least provide historical and precise measures for freedom.
This is worth a discussion in an election year.
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