Measuring Economic Freedom during the COVID-19 Pandemic

Journal of Institutional Economics

Free Market Institute Research Paper No. 4212755

38 Pages Posted: 14 Sep 2022 Last revised: 25 Nov 2022

See all articles by Vincent Miozzi

Vincent Miozzi

Texas Tech University - Free Market Institute; Texas Tech University - Department of Agricultural and Applied Economics

Benjamin Powell

Texas Tech University - Free Market Institute; Texas Tech University - Rawls College of Business

Date Written: September 7, 2022

Abstract

The COVID-19 pandemic in 2020 led to extensive new government regulations and lockdown policies that severely reduced economic freedom. However, many of these new pandemic related regulatory restrictions on economic freedom are largely missed by the Economic Freedom of the World Report (EFW). This paper first adjusts the Our World in Data COVID-19 Stringency Index into a measure of lockdown regulatory freedom and then merges it into the EFW index to better measure countries’ 2020 cross-sectional relative economic freedom. We find significant differences in the relative ranking of economic freedom between countries once we adjust for lockdown regulatory restrictions.

Keywords: COVID-19, pandemic, economic freedom, institutions

JEL Classification: I18, H1

Suggested Citation

Miozzi, Vincent and Powell, Benjamin, Measuring Economic Freedom during the COVID-19 Pandemic (September 7, 2022). Journal of Institutional Economics, Free Market Institute Research Paper No. 4212755, Available at SSRN: https://ssrn.com/abstract=4212755 or http://dx.doi.org/10.2139/ssrn.4212755

Vincent Miozzi

Texas Tech University - Free Market Institute ( email )

Box 45059
Lubbock, TX 79409-5059
United States

Texas Tech University - Department of Agricultural and Applied Economics ( email )

Suite 167, 2625 Memorial Circle
TTU Administration
Lubbock, TX 79409
United States

Benjamin Powell (Contact Author)

Texas Tech University - Free Market Institute ( email )

Box 45059
Lubbock, TX 79409-5059
United States
806.742.7138 (Phone)
806.742.1854 (Fax)

HOME PAGE: http://www.fmi.ttu.edu

Texas Tech University - Rawls College of Business ( email )

Lubbock, TX 79409
United States
806.834.3097 (Phone)
806.742.1854 (Fax)

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