Center for Property Rights

01/01/96 – Econom⁠i⁠c Freedom and ⁠t⁠he Weal⁠t⁠h of Na⁠t⁠⁠i⁠ons

By: The James Madison Institute / 1996

by James D. Gwartney

Since the time of Adam Smith, economists have generally argued that individuals will be more productive when they are economically free. Thus, one would expect that nations relying on markets would be more prosperous than those that are politically organized and centrally planned. Without a reasonable measure of economic freedom, however, how can one tell if this is true?