Economic Freedom

[Toro]

The Heritage Foundation released its survey of economic freedom. What's most interesting - and unsurprising - is the graph below; there is a clear relation between economic freedom and the wealth of a country's citizens.

The top countries are as follows

Hong Kong 1 [1.28]
Singapore 2 [1.56]
Ireland 3 [1.58]
Luxembourg 4 [1.60]
United Kingdom 5 [1.74]
Iceland 5 [1.74]
Estonia 7 [1.75]
Denmark 8 [1.78]
United States 9 [1.84]
Australia 9 [1.84]
New Zealand 9 [1.84]
Canada 12 [1.85]
Finland 12 [1.85]

http://www.heritage.org/research/features/index/countries.cfm

 

[karra]

Grrrrrrrr - Toro, you know I love you dearly yet simultaneously hate you and your graphs - but what is 'economic freedom' . . . .

 

[jimmoyer]

Great graph.

But in some ways a paradox.

Because some of those nations are quite
authoritarian and others have heavy doses of
socialism and entitlements.

But in a way there is no paradox, because in
each case the proper mix of socialism, authoritarianism
and capitalism was applied in the context of
each of those cultures.

 

[Toro]

Simply put, the more government interference, the less the freedom. That means lower trade barriers, less government spending, less regulation, stronger property rights, lower taxes. etc.

The box in #2 gives the 10 broad economic factors used. There were 50 variables in total.

http://www.heritage.org/research/features/index/scores.cfm

 

[Jay]

Grrrrrrrr - Toro, you know I love you dearly yet simultaneously hate you and your graphs - but what is 'economic freedom' . . . .

You know what it means...

 

[karra]

No Jay I really don't - I pay a guy to tell me about my financial state - he's also been warned not to use buzz words and terms, only real stuff or I'll put him on a treadmill for five minutes followed by a stairmaster for 10 - actually, it's a plot between his wife and I to reduce his poundage and help him discover his very own personal freedom. . . .

Don't ask - you know. . . .

 

[Toro]

Simply put, the more government interference, the less the freedom. That means lower trade barriers, less government spending, less regulation, stronger property rights, lower taxes. etc.

EDIT - actually, here's a better description

http://www.heritage.org/research/features/index/chapters/htm/index2006_excsum.cfm

 

[FiveParadox]

Not Bad for Canada

Position 12 isn't too bad; it's nothing to be ashamed of by any means. Granted, our "rating" could certainly use some improvement, but it's a start, eh?

In my opinion, Canada could improve, economically, by diversifying its economy; we depend far too much on the United States for trade and, while I would advocate that we maintain a strong relationship with our neighbour to the South, one hasty decision on the part of the United States could result in our economy being crippled.

 

[the caracal kid]

indeed jim.

economic freedom is relative to the culture of the society. in general, a government that ensures a more robust foundation for its citizens will allow citizens to experience greater economic freedoms.

(Hong Kong. yay! one more reason i might be moving there. tee hee)

 

[Toro]

 

[unclepercy]

The Heritage Foundation released its survey of economic freedom. What's most interesting - and unsurprising - is the graph below; there is a clear relation between economic freedom and the wealth of a country's citizens.

The top countries are as follows

Hong Kong 1 [1.28]
Singapore 2 [1.56]
Ireland 3 [1.58]
Luxembourg 4 [1.60]
United Kingdom 5 [1.74]
Iceland 5 [1.74]
Estonia 7 [1.75]
Denmark 8 [1.78]
United States 9 [1.84]
Australia 9 [1.84]
New Zealand 9 [1.84]
Canada 12 [1.85]
Finland 12 [1.85]

http://www.heritage.org/research/features/index/countries.cfm

OK, Toro. I need to know the statistical method used to arrive at 1.84 with 50 variables. That will tell me a lot. Uncle

 

[Toro]

Percy

http://www.heritage.org/research/features/index/chapters/htm/Index2006_Chap5.cfm