The Fraser Institute recently released the 2023 Economic Freedom of the World and the U.S. improved one spot to rank fifth globally. Hong Kong has fallen from the top spot for the first time, signifying a looming dilemma for China. Economic freedom refers to the freedom of individuals “to choose for themselves and engage in voluntary transactions as long as they do not harm the person or property of others.” Testing whether markets outperform government control of economic activity requires a good measure of government intervention, constructed for many countries and many years. The Fraser ind...

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