Steady state economic freedom


  • Ryan H Murphy Southern Methodist University



Economic Freedom, Neoliberalism, Economic Liberalization


This note projects forward into the distant future the number of countries existing under regimes of different levels of economic liberalism by deriving a transition probability matrix from Economic Freedom of the World data. Naively extrapolating trends from 1970-2020 suggests a modest majority of 165 countries will be economically free in the long-run steady state, with results driven by improvements in variables associated with the freedom to trade internationally and especially the quality of the legal system and property rights.


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How to Cite

Murphy, R. H. (2023). Steady state economic freedom. Economics and Business Letters, 12(2), 132–136.