Democracy and economic growth: A meta-analysis

American Journal of Political Science

Volumn 52, Issue 1, 2008, Pages 61-83

  Doucouliagos, Hristos ^a   Ulubaşoǧlu, Mehmet Ali ^a  

^a DEAKIN UNIVERSITY   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 38349151284     PISSN: 00925853     EISSN: 15405907     Source Type: Journal    
DOI: 10.1111/j.1540-5907.2007.00299.x     Document Type: Article

References (154)

1. Abreu, Maria, Henri L. F. de Groot, and Raymond J.G.M. Florax. 2005 A Meta-Analysis of Beta-Convergence: The Legendary Two-Percent Journal of Economic Surveys 19 (3 389 420.
2. Acemoglu, Daron, and James A. Robinson. 2000 Why Did the West Extend the Franchise? Democracy, Inequality, and Growth in Historical Perspective Quarterly Journal of Economics 115 (4 1167 99.
3. Adams, Dean C., Jessica Gurevitch, and Michael S. Rosenberg. 1997 Resampling Tests for Meta-Analysis of Ecological Data Ecology 78 (4 1277 83.
4. Alesina, Alberto, Sule Ozler, Nouriel Roubini, and Paul Swagel. 1996 Political Instability and Economic Growth Journal of Economic Growth 1 (2 189 211.
5. Alesina, Alberto, and Roberto Perotti. 1994 The Political Economy of Growth: A Critical Survey of the Recent Literature The World Bank Economic Review 8 (3 351 71.
6. Alesina, Alberto, and Dani Rodrik. 1994 Distributive Politics and Economic Growth Quarterly Journal of Economic 109 (2 465 90.
7. Ali, Abdiweli. 1997 Economic Freedom, Democracy and Growth Journal of Private Enterprise 13 (1 1 20.
8. Ali, Abdiweli. 2003 Institutional Differences as Sources of Growth Differences Atlantic Economic Journal 31 (4 348 62.
9. Ali, Abdiweli, and W. Mark Crain. 2001 Political Regimes, Economic Freedom, Institutions and Growth Journal of Public Finance and Public Choice/Economia delle Scelte Pubbliche 19 : 3 21.
10. Ali, Abdiweli, and W. Mark Crain. 2002 Institutional Distortions, Economic Freedom, and Growth Cato Journal 21 (3 415 26.
11. Almeida, Heitor, and Daniel Ferreira. 2002 Democracy and the Variability of Economic Performance Economics and Politics 14 (3 225 57.
12. Aron, Janine. 2000 Growth and Institutions: A Review of the Evidence World Bank Research Observer 15 (1 99 135.
13. Assane, Djeto, and Abbas Pourgerami. 1994 Monetary Co-operation and Economic Growth in Africa: Comparative Evidence from the CFA-Zone Countries Journal of Development Studies 30 (2 423 42.
14. Bardhan, Pranab. 1993 Symposium on Democracy and Development Journal of Economic Perspectives 7 (3 45 49.
15. Barro, Robert J. 1991 Economic Growth in a Cross-Section of Countries Quarterly Journal of Economics 106 (2 407 43.
16. Barro, Robert J. 1996 Democracy and Growth Journal of Economic Growth 1 (1 1 27.
17. Barro, Robert J. 1999 Determinants of Democracy Journal of Political Economy 107 (6 S158 83.
18. Barro, Robert J. 2000 Inequality and Growth in a Panel of Countries Journal of Economic Growth 5 (1 5 32.
19. Baum, Matthew A., and David A. Lake. 2003 The Political Economy of Growth: Democracy and Human Capital American Journal of Political Science 47 (2 333 47.
20. Bhagwati, Jagdish. 1982 Directly Unproductive, Profit-Seeking DUP Activities Journal of Political Economy 90 (5 988 1002.
21. Bhagwati, Jagdish. 1995 Democracy and Development: New Thinking on an Old Question Indian Economic Review 30 (1 1 18.
22. Bhalla, Surjit. 1994 Freedom and Economic Growth: A Virtuous Cycle? In Democracy's Victory and Crisis, ed. Axel Hadenius. Cambridge : Cambridge University Press, 195 241.
23. Bishop, George, and Andrew Smith. 2001 Response-Order Effects and the Early Gallup Split-Ballots Public Opinion Quarterly 65 (4 479 505.
24. Bleaney, Michael, and Akira Nishiyama. 2002 Explaining Growth: A Contest of Models Journal of Economic Growth 7 (1 43 56.
25. Bollen, Kenneth A. 1990 Political Democracy: Conceptual and Measurement Traps Studies in Comparative International Development 25 (1 7 24.
26. Chatterji, M. 1998 Tertiary Education and Economic Growth Regional Studies 32, 349 54.
27. Chatterji, Monojit, Brian Gilmore, Kurt Strunk, and Jon Vanasin. 1993 Political Economy, Growth and Convergence in Less-Developed Countries World Development 21 (12 2029 38.
28. Chen, Been-Lon. 2003 An Inverted-U Relationship between Inequality and Long-Run Growth Economics Letters 78 (2 205 12.
29. Cohen, Jacob. 1988. Statistical Power Analysis for the Behavioural Sciences. Hillsdale, NJ : Erlbaum.
30. Cohen, Youssef. 1985 The Impact of Bureaucratic-Authoritarian Rule on Economic Growth Comparative Political Studies 18 (1 123 36.
31. Collier, Paul. 1999 The Political Economy of Ethnicity In Annual World Bank Conference on Development Economics, ed. Boris Pleskovic and Joseph E. Stiglitz. Washington, DC : World Bank, 387 99.
32. Collier, Paul. 2000 Ethnicity, Politics and Economic Performance Economics and Politics 12 (3 225 45.
33. Comeau, Ludovic. 2003 Democracy and Growth: A Relationship Revisited Eastern Economic Journal 29 (1 1 21.
34. Dahl, Robert A. 1971. Polyarchy: Participation and Opposition. New Haven, CT : Yale University Press.
35. D'Alessio, Dave, and Mike Allen. 2000 Media Bias in Presidential Elections: A Meta-Analysis Journal of Communication 50 (4 133 56.
36. Dawson, John W. 1998 Institutions, Investment and Growth: New Cross-Country and Panel Data Evidence Economic Inquiry 36 (4 603 19.
37. Dawson, John W. 2003 Causality in the Freedom-Growth Relationship European Journal of Political Economy 19 (3 479 95.
38. de Haan, Jacob, and Clemens L. J. Siermann. 1995a A Sensitivity Analysis of the Impact of Democracy on Economic Growth Empirical Economics 20 (2 197 215.
39. de Haan, Jacob, and Clemens L.J. Siermann. 1995b New Evidence on the Relationship between Democracy and Economic Growth Public Choice 86 (1-2 175 98.
40. de Haan, Jacob, and Jan-Egbert Sturm. 2003 Does More Democracy Lead to More Economic Freedom? New Evidence for Developing Countries European Journal of Political Economy 19 (3 547 63.
41. de Mello, Luiz, and Randa Sab. 2002 Government Spending, Rights and Civil Liberties International Review of Law and Economics 22 (3 257 76.
42. Desai, Raj M., Anders Olofsgard, and Tarik M. Yousef. 2003 Democracy, Inequality, and Inflation American Political Science Review 97 (3 391 406.
43. Djankov, Simeon, Caralee McLiesh, and Andrei Shleifer. 2005 Private Credit in 129 Countries NBER Working Paper No. 11078.
44. Doucouliagos, Chris (Hristos). 2005 Publication Bias in the Economic Freedom and Economic Growth Literature Journal of Economic Surveys 19 (3 367 89.
45. Doucouliagos, Chris (Hristos and Mehmet Ali Ulubaşoǧlu. 2006 Economic Freedom and Economic Growth: Does Specification Make a Difference? European Journal of Political Economy 22 (1 60 81.
46. Durham, J. Benson. 1999 Economic Growth and Political Regimes Journal of Economic Growth, 4 (1 81 111.
47. Elkins, Zachary. 2000 Gradations of Democracy? Empirical Tests of Alternative Conceptualizations American Journal of Political Science 44 (2 287 94.
48. Esfahani, Hadi S., and Maria T. Ramirez. 2003 Institutions, Infrastructure, and Economic Growth Journal of Development Economics 70 (2 443 77.
49. Farr, W. Ken, Richard A. Lord, and J. Larry Wolfenbarger. 1998 Economic Freedom, Political Freedom, and Economic Well-Being: A Causality Analysis Cato Journal 18 (2 247 62.
50. Fayissa, Bichaka, and Mohammed El-Kaissy. 1999 Foreign Aid and the Economic Growth of Developing Countries (LDCs): Further Evidence Studies in Comparative International Development 34 (3 37 50.
51. Feng, Yi. 1995 Regime, Polity and Economic Growth: The Latin American Experience Growth and Change 26 (1 77 104.
52. Feng, Yi. 1996 Democracy and Growth: The Sub-Saharan African Case, 1960-1992 Review of Black Political Economy 25 (1 95 126.
53. Feng, Yi. 1997 Democracy, Political Stability and Economic Growth British Journal of Political Science 27 : 391 418.
54. Fidrmuc, Jan. 2003 Economic Reform, Democracy and Growth during Post-Communist Transition European Journal of Political Economy 19 (3 583 604.
55. Fisher, Ronald A. 1970. Statistical Methods for Research Workers. Edinburgh : Oliver and Boyd.
56. Forbes, Kristin J. 2000 A Reassessment of the Relationship between Inequality and Growth American Economic Review 90 (4 869 88.
57. Frankel, Jeffrey, and David Romer. 1999 Does Trade Cause Growth? American Economic Review 89 (3 379 99.
58. Gasiorowski, Mark J. 2000 Democracy and Macroeconomic Performance in Underdeveloped Countries: An Empirical Analysis Comparative Political Studies 33 (3 319 49.
59. Glaeser, Edward, Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer. 2004 Do Institutions Cause Growth? Journal of Economic Growth 9 (3 271 303.
60. Goldsmith, Arthur A. 1995 Democracy, Property Rights and Economic Growth The Journal of Development Studies 32 (2 157 74.
61. Gounder, Rukmani. 2002 Political and Economic Freedom, Fiscal Policy, and Growth Nexus: Some Empirical Results for Fiji Contemporary Economic Policy 20 (3 234 45.
62. Greene, William H. 2000. Econometric Analysis. 4th ed. London : Prentice Hall.
63. Grier, Kevin B., and Gordon Tullock. 1989 An Empirical Analysis of Cross-National Economic Growth, 1951-1980 Journal of Monetary Economics 24 (2 259 76.
64. Gupta, D. K., M. C. Madhavan, and A. Blee. 1998 Democracy, Economic Growth, and Political Instability: An Integrated Perspective Journal of Socio-Economics 27 (5 587 611.
65. Gupta, Kanhaya L. 1988 Macroeconomic Determinants of Growth: Some Implications for Disaggregation Applied Economics 20 (6 843 52.
66. Gwartney, James, and Robert Lawson. 2003. Economic Freedom of the World. Annual Report. Vancouver : The Fraser Institute.
67. Gwartney, James D., Robert Lawson, and Randall Holcombe. 1999 Economic Freedom and the Environment for Economic Growth Journal of Theoretical and Institutional Economics 155 (4 643 63.
68. Hald, Anders. 1952. Statistical Theory with Engineering Applications. New York : John Wiley and Sons.
69. Harrington, James 1656 1992. The Commonwealth of Oceana and a System of Politics. Ed. John G. A. Pocock. Cambridge : Cambridge University Press.
70. Hedges, Larry V., and Ingram Olkin. 1985. Statistical Methods for Meta-Analysis. London : Academic Press.
71. Heliwell, John F. 1994 Empirical Linkages between Democracy and Growth British Journal of Political Science 24 (2 225 48.
72. Henisz, Witold J. 2000 The Institutional Environment for Economic Growth Economics and Politics 12 (1 1 31.
73. Heo, Uk, and Alexander C. Tan. 2001 Democracy and Economic Growth: A Causal Analysis Comparative Politics 33 (4 463 73.
74. Higgins, Julian P. T., and Simon G. Thompson. 2004 Controlling the Risk of Spurious Findings from Meta-Regression Statistics in Medicine 23 (11 2663 82.
75. Hobbes, Thomas 1651 1967. Leviathan. Ed. Crawford B. Macpherson. Harmondsworth, UK : Penguin.
76. Hox, Joop J. 2002. Multilevel Analysis: Techniques and Application. Mahwah, NJ : Lawrence Erlbaum.
77. Hunter, John, and Frank Schmidt. 2004. Methods of Meta-Analysis: Correcting Error and Bias in Research Findings. London : Sage.
78. Huntington, Samuel. 1968. The Political Order in Changing Societies. New Haven, CT : Yale University Press.
79. Imbeau, L., F. Petry, and Moktar Lamari. 2001 Left-Right Party Ideology and Government Policies: A Meta-Analysis European Journal of Political Research 40 (1 1 29.
80. Kaufmann, Daniel, Aart Kraay, and Pablo Zoido-Lobatón. 1999 Governance Matters World Bank Policy Research Working Paper No. 2196.
81. Knack, Stephen, and Philip Keefer. 1995 Institutions and Economic Performance: Cross-Country Tests Using Alternative Institutional Measures Economics and Politics 7 (3 207 27.
82. Kormendi, Roger C., and Philip G. Meguire. 1985 Macroeconomic Determinants of Growth: Cross-Country Evidence Journal of Monetary Economics 16 (2 141 63.
83. Kosack, Stephen. 2003 Effective Aid: How Democracy Allows Development Aid to Improve the Quality of Life World Development 31 (1 1 22.
84. Krueger, Anne O. 1974 The Political Economy of the Rent-Seeking Society American Economic Review 64 (3 291 303.
85. Kurzman, Charles, Regina Werum, and Ross E. Burkhart. 2002 Democracy's Effect on Economic Growth: A Pooled Time-Series Analysis, 1951-80 Studies in Comparative International Development 37 (1 3 33.
86. Lake, David A., and Matthew A. Baum. 2001 The Invisible Hand of Democracy: Political Control and the Provision of Public Services Comparative Political Studies 34 (6 587 621.
87. Landau, Daniel. 1986 Government and Economic Growth in the Less Developed Countries: An Empirical Study for 1960-1980 Economic Development and Cultural Change 35 (1 35 75.
88. Lau, Richard R. 1999 The Effects of Negative Political Advertisements: A Meta-Analytic Assessment American Political Science Review 93 (4 851 75.
89. Leblang, David A. 1997 Political Democracy and Economic Growth: Pooled Cross-Sectional and Time-Series Evidence British Journal of Political Science 27 (3 453 72.
90. Leschke, Martin. 2000 Constitutional Choice and Prosperity: A Factor Analysis Constitutional Political Economy 11 (3 265 79.
91. Levine, Ross, and David Renelt. 1992 A Sensitivity Analysis of Cross-Country Growth Regressions American Economic Review 82 (4 942 63.
92. Li, Hongyi, and Heng-fu Zou. 1998 Income Inequality Is Not Harmful for Growth: Theory and Evidence Review of Development Economics 2 (3 318 34.
93. Lindenberg, Marc, and Shantayanan Devarajan. 1993 Prescribing Strong Economic Medicine: Revisiting the Myths about Structural Adjustment, Democracy, and Economic Performance in Developing Countries Comparative Politics 25 (2 169 82.
94. Lipset, Seymour M. 1959 Some Social Requisites of Democracy, Economic Development and Political Development American Political Science Review 53 (1 69 105.
95. Lipsey, Mark W., and David B. Wilson. 2001. Practical Meta-Analysis. Applied Social Research Methods Series. Volume 49. London : Sage.
96. Lundberg, Mattias, and Lyn Squire. 2003 The Simultaneous Evolution of Growth and Inequality Economic Journal 113 (487 326 44.
97. Marsh, Robert M. 1988 Sociological Explanations of Economic Growth Studies in Comparative International Research 13 (4 41 77.
98. Mbaku, John Mukum. 1994 Political Economy of Development: An Empirical Analysis of the Effects of the Institutional Framework on Economic Development Studies in Comparative International Development 29 (2 3 21.
99. Mbaku, John Mukum, and Mwangi S. Kimenyi 1997 Macroeconomic Determinants of Growth: Further Evidence of the Role of Political Freedom Journal of Economic Development 22 (2 119 32.
100. Miguel, Edward, Shanker Satyanath, and Ernest Sergenti. 2004 Economic Shocks and Civil Conflict: An Instrumental Variables Approach Journal of Political Economy 112 (4 725 53.
101. Minier, Jenny A. 1998 Democracy and Growth: Alternative Approaches Journal of Economic Growth 3 (3 241 66.
102. Minier, Jenny A. 2003 Democrats, Dictators, and Demonstrators Economic Inquiry 41 (2 224 33.
103. Mo, Pak Hung. 2000 Income Inequality and Economic Growth Kyklos 53 (3 293 316.
104. Mo, Pak Hung. 2001 Corruption and Economic Growth Journal of Comparative Economics 29 (1 66 79.
105. Mobarak, Ahmed M. 2005 Democracy, Volatility, and Economic Development Review of Economics and Statistics 87 (2 348 61.
106. Muller, Edward N. 1995 Economic Determinants of Democracy American Sociological Review 60 (6 966 82.
107. Nelson, Joan M. 1987 Political Participation In Understanding Political Development: An Analytic Study, ed. Myron Weiner, Samuel Huntington, and Gabriel A. Almond. Boston : Little Brown.
108. Nelson, Michael A., and Ram D. Singh. 1998 Democracy, Economic Freedom, Fiscal Policy, and Growth in LDCs: A Fresh Look Economic Development and Cultural Change 46 (4 677 96.
109. Nijkamp, Peter, and Jacques Poot. 2004 Meta-Analysis of the Effect of Fiscal Policies on Long-Run Growth European Journal of Political Economy 20 : 91 124.
110. North, Douglas. 1990. Institutions, Institutional Change and Economic Performance. Cambridge : Cambridge University Press.
111. O'Driscoll, Gerald P., Jr., Edwin J. Feulner, and Mary A. O'Grady. 2003. Index of Economic Freedom. Washington, DC : Heritage Foundation.
112. Oliva, Maria-Angels, and Luis A. Rivera-Batiz. 2002 Political Institutions, Capital Flows, and Developing Country Growth: An Empirical Investigation Review of Development Economics 6 (2 248 62.
113. Olson, Mancur. 1993 Dictatorship, Democracy, and Development American Political Science Review 87 (3 567 76.
114. Perotti, Roberto. 1996 Growth, Income Distribution, and Democracy: What the Data Say Journal of Economic Growth 1 (2 223 43.
115. Persson, Torsten, and Guido Tabellini. 1992 Growth, Distribution and Politics European Economic Review 36 (2-3 593 602.
116. Persson, Torsten, and Guido Tabellini. 1994 Is Inequality Harmful for Growth? American Economic Review 84 (3 600 21.
117. Pitlik, Hans. 2002 The Path of Liberalization and Economic Growth Kyklos 55 (1 57 79.
118. Plumper, Thomas, and Christian Martin. 2003 Democracy, Government Spending, and Economic Growth: A Political-Economic Explanation of the Barro-Effect Public Choice 117 (1-2 27 50.
119. Pourgerami, Abbas. 1988 The Political Economy of Development: A Cross-National Causality Test of Development-Democracy-Growth Hypothesis Public Choice 58 (2 123 41.
120. Pourgerami, Abbas. 1992 Authoritarian vs. Nonauthoritarian Approaches to Economic Development: Update and Additional Evidence Public Choice 74 (3 365 77.
121. Pourgerami, Abbas, and Djeto Assane. 1992 Macroeconomic Determinants of Growth: New Measurement and Evidence on the Effect of Political Freedom Applied Economics 24 (1 129 36.
122. Pritchett, Lant, and Daniel Kaufman. 1998 Civil Liberties, Democracy and the Performance of Government Projects Finance and Development 35 (March 26 29.
123. Przeworski, Adam, Michael E. Alvarez, Jose A. Cheibub, and Fernando Limongi. 1996 What Makes Democracies Endure? Journal of Democracy 7 (1 39 55.
124. Przeworski, Adam, Michael E. Alvarez, Jose A. Cheibub, and Fernando Limongi. 2000. Democracy and Development: Political Institutions and Well-Being in the World, 1950-1990. New York : Cambridge University Press.
125. Przeworski, Adam, and Fernando Limongi. 1993 Political Regimes and Economic Growth Journal of Economic Perspectives 7 (3 51 69.
126. Przeworski, Adam, and Fernando Limongi. 1997 Modernization: Theories and Facts World Politics 49 (2 155 83.
127. Quinn, Dennis P., and John T. Woolley. 2001 Democracy and National Economic Performance: The Preference for Stability American Journal of Political Science 45 (3 634 57.
128. Raudenbush, Stephen W. 1994 Random Effects Models In The Handbook of Research Synthesis, ed. Harris Cooper and Larry V. Hedges. New York : Russell Sage Foundation, 301 22.
129. Remmer, Karen L. 1990 Democracy and Economic Crises: The Latin American Experience World Politics 42 (3 315 35.
130. Rigobon, Roberto, and Dani Rodrik. 2005 Rule of Law, Democracy, Openness and Income Economics of Transition 13 (3 533 64.
131. Rivera-Batiz, Francisco L. 2002 Democracy, Governance, and Economic Growth: Theory and Evidence Review of Development Economics 6 (2 225 47.
132. Rodrik, Dani. 1998 Why Do More Open Economics Have Bigger Governments? Journal of Political Economy 106 (5 997 1032.
133. Rodrik, Dani. 1999a Democracies Pay Higher Wages Quarterly Journal of Economics 114 (3 707 38.
134. Rodrik, Dani. 1999b Where Did All the Growth Go? External Shocks, Social Conflict, and Growth Collapses Journal of Economic Growth 4 (4 385 412.
135. Rodrik, Dani. 2000 Institutions for High-Quality Growth: What They Are and How to Acquire Them Studies in International Comparative Development 35 (3 3 31.
136. Roscoe, Douglas D., and Shannon Jenkins. 2005 A Meta-Analysis of Campaign Contributions' Impact on Roll Call Voting Social Science Quarterly 86 (1 52 68.
137. Sah, Raaj K. 1991 Fallibility in Human Organizations and Political Systems Journal of Economic Perspectives 5 (2 67 88.
138. Saint-Paul, Gilles, and Thierry Verdier. 1993 Education, Democracy and Growth Journal of Development Economics 42 (2 399 407.
139. Sala-i-Martin, Xavier. 1997 I Just Ran Two Million Regressions American Economic Review 87 (2 178 83.
140. Sala-i-Martin, Xavier, Gernot Doppelhofer, and Ronald I. Miller. 2004 Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach American Economic Review 94 (4 813 35.
141. Scully, Gerald W. 1988 The Institutional Framework and Economic Development Journal of Political Economy 96 (3 652 62.
142. Shao, Jun, and Dongsheng Tu. 1995. The Jacknife and Bootstrap. New York : Springer-Verlag.
143. Siermann, Clemens L. J. 1998. Politics, Institutions, and the Economic Performance of Nations. Cheltenham, UK : Edward Elgar.
144. Sirowy, Larry, and Alex Inkeles. 1990 The Effects of Democracy on Economic Growth and Inequality: A Review Studies in Comparative International Development 25 (1 126 57.
145. Stanley, T. D. 2001 Wheat from Chaff: Meta-Analysis as Quantitative Literature Review Journal of Economic Perspectives 15 (3 131 50.
146. Stanley, T. D. 2002 Comments Journal of Economic Perspectives 16 (3 227 28.
147. Sturm, Jan-Egbert, and Jacob de Haan. 2001 How Robust Is the Relationship between Economic Freedom and Economic Growth? Applied Economics 33 (7 839 44.
148. Svensson, Jakob. 1999 Aid, Growth and Democracy Economics and Politics 11 (3 275 97.
149. Tavares, Jose, and Romain Wacziarg. 2001 How Democracy Affects Growth European Economic Review 45 (8 1341 78.
150. Weede, Erich. 1983 The Impact of Democracy on Economic Growth: Some Evidence from Cross-National Analysis Kyklos 36 (1 21 39.
151. Weede, Erich. 1993 The Impact of Democracy or Repressiveness on the Quality of life, Income Distribution, and Economic Growth Rates International Sociology 8 (2 177 95.
152. Weede, Erich. 1997 Income Inequality, Democracy and Growth Reconsidered European Journal of Political Economy 13 (4 751 64.
153. Whitener, Ellen M. 1990 Confusion of Confidence Intervals and Credibility Intervals in Meta-Analysis Journal of Applied Psychology 75 (3 315 21.
154. Wu, Wenbo, and Otto A. Davis. 1999 The Two Freedoms in a Growth Model Journal of Private Enterprise 14 (Spring 115 46.