Economic Behavior, Economic Freedom, and Entrepreneurship
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Economic Behavior, Economic Freedom, and Entrepreneurship

Edited by Richard J. Cebula, Joshua Hall, Franklin G. Mixon Jr and James E. Payne

Expert editors add to an important field of research, the economics of entrepreneurship, and explore how institutions influence entrepreneurial behavior. This book provides comprehensive and contemporary insights into the interaction between economic behavior of firms and households, economic freedom, and entrepreneurship, and how it generates an environment with greater opportunities for growth and development for individuals, households, and private-sector firms.
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Chapter 2: Measuring institutions and policies across countries

Robert Lawson and Ryan Murphy

Abstract

There are many different indicators of institutional quality that measure one aspect or set of aspects of the social, economic, and political environment. The degree of correlation among these measures leads to a concern that some other more fundamental underlying aspect of the good society is really behind claims that institutions matter. This study examines six indicators of institutional quality to see whether their statistical performance against a common benchmark, GDP per capita, is similar or not. The answer, based on our evidence, is somewhere in the middle. The concepts embedded in the various measures of institutional quality clearly overlap in many ways but in other ways they are very different.

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