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To most applied statisticians, a fitting procedure’s degrees of freedom is synonymous with its model complexity, or its capacity for overfitting to data. In particular, it is often used to parameteriz...
The derivation of statistical properties for Partial Least Squares regression can be a challenging task. The reason is that the construction of latent compo- nents from the predictor variables also ...
Freedom (with accountability) is the key to both prosperity and to any reasonable and realistic conception of fairness. Only with entrepreneurial freedom will the innovation required to increase pro...
When I attended graduate school in economics at Yale, one of my professors, Henry Wallich, in 1960 published a book entitled The Cost of Freedom. This book reflected the conventional wisdom of the t...
Foreign aid has had, and continues to have, a multiplicity of goals. Five decades of development assistance have provided an adequate historical record by which to judge to what extent aid successfu...
The successes or failures of monetary reforms in Latin America have depended on the financial liberalizations that accompanied them and on the peculiarities of attendant financial regulations and pr...
In recent years, a renewed interest has been shown in trying to further comprehend the factors that determine a country’s rate of economic growth. This is important since a higher growth rate means ...
Lon Fuller (1964: 30) defines law to be ‘‘the enterprise of subjecting human conduct to the governance of rules.’’ The key components of economic freedom arise through such an enterprise when instit...
The World Trade Organization focuses primarily on exchanges among nations of goods and services — i.e., the outputs of firms and households. Capital is, of course, a factor of production, which mean...
Two developments in the 1980s revived interest in growth theory and modified the way most economists study the determinants of growth. First, the contributions by Romer (1986) and Lucas (1988) laun...
A Hero of the Market Revolution The death of Peter Bauer on May 2, 2002, at 86 years old, marked the passing of a great economist and a hero of the market revolution that has been sweeping the glob...
The last three decades have witnessed an unprecedented expansion of market-based reforms and the profusion of economic freedom in the international system. This shift in economic policy has sparked ...
Ireland was one of Europe’s poorest countries for more than two centuries. Yet, during the 1990s, Ireland achieved a remarkable rate of economic growth. By the end of the decade, its GDP per capita ...
In the 1950s and 1960s, many Africans believed that independence would change prospects for rapid economic growth and development.
Each year the Fraser Institute and the Heritage Foundation (in conjunction with the Wall Street Journal) publish indexes of economic freedom, while the Freedom House publishes an index of politic...

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