The positive effects of economic freedom

Wednesday, December 16, 2015
 | 
Chris Woodward (OneNewsNow.com)

economy (money background)A new index sheds light on the economic freedom of North America.

The Economic Freedom of North America index, published by the Fraser Institute, presents the only comprehensive economic freedom ratings for Canadian provinces and U.S. states. Authors look at various things including the size of government spending, the amount of taxation, and labor market restrictions for all 50 U.S. states.

Dr. Antony Davies from Duquesne University in Pittsburgh offers his take on the index reporting economic freedom has declined in 47 states over the past decade.

"Largely what's happened is the growth of government following 9/11," he begins. "And then moving forward to the housing crash and the intervention in markets, and now with ObamaCare, what's happening is the government is exerting ever-greater force on the economy and it's taking decisions out of the hands of individuals. So we see economic freedom declining."

Meanwhile, Canada is more of a free market than the United States – in a general sense, adds Davies.

Davies

"You can point to specific markets in which the United States is more free ... but as a whole, Canada tends to score better on economic freedom," he tells OneNewsNow.

"What's important is the effects of economic freedom – and what we see, and you see the same pattern if you look across cities, if you look across states, if you look across countries, if you look across time, [is that] societies with more economic freedom tend to have higher levels of income, they experience less poverty, they have less unemployment, their environments are cleaner."

According to Davies, they also experience less income inequality and less gender inequality – characteristics usually associated with a healthy society.

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