While reading Ms. Renu Kohli’s column in MINT yesterday, I was struck by the following sentences: Government market borrowings in 2011-12 have overshot projections; three auctions of sovereign paper have already devolved upon the central bank as the government’s borrowing began for the second half of the fiscal year this October; and long-term yields are […]
The clock is ticking. Between now and 2014, upwards of 150,000 foreign troops and 30,000 contractors will start leaving Afghanistan. Donor aid is also declining. In the past year, the U.S. Agency for International Development (USAID) budget has been cut in half. In other words, the war economy is unraveling. While most of the $118 […]
I have disagreed and continue to disagree with Surjit Bhalla on his monetary policy prescriptions for India. But, this piece of his in IE recently is a gem. It is a MUST-READ. There are three big corruption scams in India; well, there are several, but these three are likely the biggest. And coincidentally, all three […]
With economic growth expected to continue at a reasonably good clip this year and next, it’s all too easy to think there’s not much to worry about. Even as Diwali celebrations begin across India, the outlook for the world economy is fairly uneven and uncertain. More worrisome than the subdued global growth outlook, risks are […]
India’s growth forecast for 2011-12 has been cut to 8.2% by the Prime Minister’s Economic Advisory Council (EAC). The Council had also urged rapid action on the part of Government on various pending reforms. We all know the laundry list – land acquisition, multi-brand retail, Goods and Services Tax, Direct Tax Code reforms, etc., etc. […]
While the focus in Asia in recent months has shifted to inflation, there is a debate in Bangladesh over the conflicting figures of GDP growth. According to the Bangladesh Bureau of Statistics (BBS), the economy is projected to grow 6.7% in the fiscal year (FY) 2010-11. This provisional figure conflicts with other agencies that forecast […]
Pakistan is in an uproar over U.S. violations of Pakistani sovereignty. They are furious over the flight of the SEALs to Abbotabad for the Bin Laden raid and the continued U.S. missile attacks against militants in North Waziristan with inevitable civilian casualties. The U.S. is in an uproar over Pakistan’s shielding Bin Laden and other militants. U.S. Pakistan relations are at their lowest level ever. The U.S. has threatened to end more than $3 billion per year of military aid. The Pakistanis have threatened to end U.S. transit routes from Karachi through Pakistan to supply international forces in Afghanistan.
This blog post is joint work with Mana Shah.
What is economic freedom?
An index of economic freedom should measure the extent to which rightly acquired property is protected and individuals are able to engage in voluntary transactions. James Gwartney and Robert Lawson have proposed a definition where individuals have economic freedom when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others.
Measuring economic freedom across countries and time