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The impact of higher quality government regulation of business and greater economic freedom on living standards

Author

Listed:
  • Richard Cebula
  • Fabrizio Rossi
  • Jeff Clark
Abstract
Purpose - – The purpose of this paper is to evaluate whether two specific forms of government policy influence entrepreneurship and hence the performance economy as a whole. Performance is measured in terms of living standards and growth therein. The policies are, as follows: higher quality government regulation of businesses and higher levels of economic freedom. Design/methodology/approach - – The paper first provides a basic model focussing upon the regulation and economic freedom variables. The study then adds a dummy variable for G8 nations, a tax burden variable, and the long-term interest rate and provides six estimates. The empirical analysis involves pooled time-series/cross-section data for the OECD over the period 2003-2007. Findings - – The findings indicate that for OECD nations, higher quality public regulation promotes entrepreneurial spirit and performance. Higher economic freedom does the same. The findings are that higher quality government regulation of business and higher levels of economic freedom lead to higher growth rates in the standard of living. Originality/value - – The time period studied, i.e., just prior to the Great Recession, the context of the OECD, the adoption of pooled time-series/cross-section data, and the specific choice of variables in the analysis, along with the estimation of possibly unique or close to unique specifications involving the growth rate of living standardsper semake this study different.

Suggested Citation

  • Richard Cebula & Fabrizio Rossi & Jeff Clark, 2016. "The impact of higher quality government regulation of business and greater economic freedom on living standards," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 5(1), pages 82-94, April.
    • Handle: RePEc:eme:jepppp:v:5:y:2016:i:1:p:82-94
    DOI: 10.1108/JEPP-11-2015-0034
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    Citations

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    Cited by:

    1. Saleema Razvi & Debashis Chakraborty, 2016. "Does Economic Freedom Influence Major Health Indicators in India? Cross-state Panel Estimation Results," Journal of Development Policy and Practice, , vol. 1(2), pages 203-221, July.
    2. Juan Cándido Gómez‐Gallego & María del Rocío Moreno‐Enguix & María Gómez‐Gallego, 2022. "The relation between the index of economic freedom and good governance with efficiency of the European Structural Funds," Papers in Regional Science, Wiley Blackwell, vol. 101(2), pages 327-349, April.
    3. Doanh, Nguyen Khanh & Gam, Nguyen Thi & Heo, Yoon, 2022. "The impact of intellectual property rights protection on trade: The role of a “third country” in market power and market expansion effects," Economic Systems, Elsevier, vol. 46(1).
    4. Joshua C. Hall & Donald J. Lacombe & Shree B. Pokharel, 2016. "Freedom and entrepreneurship: a spatial econometric approach," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 5(3), pages 404-411, November.
    5. Nabamita Dutta & Russell S. Sobel & Sanjukta Roy, 2016. "Foreign aid’s impact on domestic business climates," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 5(3), pages 365-382, November.

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