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Three Alternative Theories of Growth

Since the time of Adam Smith, the topic of cross-country differences in income levels and growth rates has generated both extensive and heated debate. Many economists have argued that free economies—those that rely primarily on market arrangements—will outperform those that rely more extensively on government intervention and political direction. Is this proposition really true? The Economic Freedom of the World (EFW) index provides a measure of the extent to which various countries rely on open markets to allocate goods and resources. Thus, we are now in a better position than ever before to assess the relationship between economic freedom and material progress. We are also in a better position to analyze the ingredients of the growth process. This chapter will focus on these two topics.