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Economic Freedom
of the World Index

The construction of the index published in Economic
Freedom of the World is based on three important methodological principles. First, objective components are always referred to those that involve surveys or value judgments.

Given the multidimensional nature of economic freedom and the importance of legal and regulatory elements it is sometimes necessary to use data based on surveys, expert panels, and generic case studies. To the fullest extent possible, however, the index uses objective components. second, the data used to construct the index ratings are from external sources such as the International Monetary Fund, World Bank, and World Economic Forum that provide data for a large number of countries. Data provided
directly from a source within a country are rarely used, and only when the data are unavailable from international sources. Importantly, the value judgments of the authors or others in the Economic Freedom Network are never used to alter the raw data or the rating of any country. Third, transparency is present throughout. The report provides information about the data sources, the methodology used
to transform raw data into component ratings, and how the component ratings are used to construct both the area and summary ratings. Complete methodological details can be found in Appendix 1:

Explanatory Notes and Data Sources (page 183). The entire data set used in the construction of the index is freely available to researchers at www.freetheworld.
com. exhibit 1.1 indicates the structure of the EFW index.

The index measures the degree of economic freedom
present in five major areas:

1 Size of Government: Expenditures, Taxes,
and Enterprises
2 Legal Structure and Security of Property Rights
3 Access to Sound Money
4 Freedom to Trade Internationally
5 Regulation of Credit, Labor, and Business.

Data Available to Researchers:

The full data set, including all of the data published in this report as well as data omitted due to limited space, can be freely downloaded at http://www.freetheworld.com>. If you are using the data across time periods, it would be better to
use the chain-link series presented in Chapter 1, Exhibit 1.5, and available at the website, for reasons outlined in that chapter. If you have any difficulties downloading the data, please feel free to contact us via e-mail to [email protected] or via telephone at +1.604.714.4563