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Opinion and Analysis: The Paradox of Economic Freedom PDF Print
Monday, 08 March 2004 00:00
Two indices ranking Indian states for economic freedom both titled Economic Freedom Index for India (EFII) using different definitions, throw up some interesting results. Which of these statements is correct? Chhattisgarh ranks fourth among states in terms of economic freedom; Punjab is 17th. Punjab is fourth in terms of economic freedom; Chhattisgarh is 19th. Answer: Both. It all depends on how you define economic freedom. Two indices ranking Indian states for economic freedom both titled Economic Freedom Index for India (EFII) using different definitions, throw up some interesting results. In the first index (EFII-1), economists Bibek Debroy, Shubashis Gangopadhyay and Laveesh Bhandari define economic freedom as an individuals unfettered ability to make economic choices unhindered by external forces, whether government or society. Thus, they broaden the scope of economic freedom from the conventional definition relating to the absence of restrictions on and heavy-handed government presence in economic activity. Thats the definition used in a global economic freedom index (EFI) that ranks nations, pioneered by the Canada-based think-tank Fraser Institute, and another index used by the US-based Heritage Foundation. Source: http://www.business-standard.com/search/storypage_new.php?leftnm=lmnu5&leftindx=5&lselect=1&autono=150931