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Economic Freedom of the World - 2004 Annual Report   
Economic Freedom of the World
2004 Annual Report


With an Introduction by PARTH J SHAH

Published by Academic Foundation
in association with
Centre for Civil Society, New Delhi
Paper  Back Book + CD-Rom    :   Pages : 189
2004  Edition         :   ISBN - 81-7188-409-1
Price : Rs. 695.00   :   USD $ 39.95
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The key ingredients of economic freedom are personal choice, voluntary exchange, freedom to compete, and protection of the person and property. Economic freedom liberates individuals and families from government dependence and gives them control of their own future. Empirical research shows this spurs economic growth by unleashing individual dynamism. It also leads to democracy and other freedoms as people are unfettered from government dependence.

Economic Freedom of the World is the most comprehensive index of economic freedom in the world and the only one that uses reproducible measures appropriate for peer-reviewed research. The 2004 annual report explores the evolution of economic freedom over the last quarter century and the impact of economic freedom on people's lives.

It answers many important questions, including :
• Has economic freedom been increasing or decreasing ?
• Do poor people benefit when countries become economically free ?
• What countries have made big gains in economic freedom in recent
  years ?
• What effect does economic freedom have on prosperity ?
• How does economic freedom influence investment ?
• How does economic freedom influence productivity ?
• What impact does economic freedom have on income inequality ?


The world's political leaders and others concerned with economic growth … would do well to give their custom to … (the) Economic Freedom of the World report, an annual publication that aims to measure economic freedom in 123 countries.



Economic freedom advances economic growth, reduces poverty and promotes other civil and political freedoms. It is also a tonic against terrorism because of the opportunity it creates. All of the nations behind global terrorism lack economic freedom.



The closest thing we have to (an explanation of efficient markets) is the Economic Freedom of the World Annual Report. … This is an invaluable contribution.



The series of reports on economic freedom has been of enormous value in assessing… the consequences of freedom for economic progress of different nations. I look forward to each annual report.


Nobel Laureate GARY BECKER

It's an article of faith for most economists that freedom of trade pays off in economic growth. Their faith is supported by hard numbers in … (the) Economic Freedom of the World report.



Software CD-ROM included FREE with this publication

"Who is This for ?"

If you are a researcher, economist, political analyst, or economic journalist, this software will help you.

Find your countries of interest, plot economic freedom ratings against other statistics, aggregate countries into groups (e.g. South Asia) for more summarised analysis, and send the results to your favourite spreadsheet or presentation tool.

The software CD-ROM bundled with this publication brings together the EFW Report data and the 2004 World Bank development indicators. The software is a useful tool to assist in the research of relationships between economic freedom and social outcomes such as longevity, literacy, health, income equality. Here’s a versatile software tool that will help speed up information-gathering process and lower the overall cost of research. The product allows researchers to experiment with different theses at a high-order level before deciding whether their hypothesis is worthy of more detailed investigation.

Neil Emerick of Global Economic Software Ltd. and an active associate of Free Market Foundation, South Africa has recently demonstrated capabilities of his new software (the one bundled with this report) using the Economic Freedom of the World Index of the Fraser Institute. It allows the user to compare political policies and their economic outcomes. The software can analyse freedom scores of 123 countries using 38 free-dom parameters and 110 World Bank development indicators over a period of 30 years.


James D. Gwartney holds the Gus A. Stavros Eminent Scholar Chair at Florida State University, where he directs the Stavros Center for the Advancement of Free Enterprise and Economic Education. He served as Chief Economist of the Joint Economic Committee of the US Congress from 1999 to 2000. He is the coauthor of Economics: Private and Public Choice (Thompson/South-Western Press). This text, now in its 10th edition, has been used by more than 1 million students during the last two decades. His publications have appeared in both professional journals and popular media such as the Wall Street Journal and the New York Times. His Ph.D. in economics is from the University of Washington. A member of the Mont Pelerin Society, he was invited by the in-coming Putin Administration in March 2000 to make presentations and have discussions with leading Russian economists concerning the future of the Russian economy. In 2004, he was the recipient of the Adam Smith Award from the Association of Private Enterprise Education for his contribution to the advancement of free market ideals.

Robert A. Lawson is Professor of Economics and George H. Moor Chair in the School of Management at Capital University in Columbus, Ohio. He earned his B.S. in economics from the Honors Tutorial College at Ohio University and his M.S. and Ph.D. in economics from Florida State University. Lawson has professional publications in Public Choice, Cato Journal, Journal of Labor Research, Journal of Institutional and Theoretical Economics, and the European Journal of Political Economy. He is a senior fellow with the Buckeye Institute for Public Policy Solutions and currently the President of the Association of Private Enterprise Education.

Parth J Shah is founder president  of the Centre for Civil Society (New Delhi) which is a think-tank for public policy solutions within the framework of limited government, rule of law and competitive markets.

Neil Emerick of Global Economic Software Ltd. is an active associate of Free Market Foundation, South Africa. He is credited with the development of the EFW Software which is bundled with this publication.


Part A
Introduction (Parth J Shah)
Economic Freedom Behind the Scene (AN INTERVIEW WITH MILTON FRIEDMAN)
Wonders of EFW Software (NEIL EMERICK)
Part B
Table of Contents
About the Authors
About the Participating Institutes
Executive Summary
Chapter 1: Economic Freedom of the World, 2002
Chapter 2: Economic Freedom, Investment, and Growth
Chapter 3: Country Data Tables
Appendix 1: Explanatory Notes and Data Sources
Appendix 2: Selected Publications Using Ratings from Economic Freedom of
                the World
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