FOR IMMEDIATE RELEASE:
Economic Freedom - New York Ranks Dead Last in the Nation
(San Francisco, CA) - May 7, 2004 - According to a forthcoming study, New York ranks dead last out of 50 states in terms of economic freedom. "The U.S. Economic Freedom Index: 2004 Report," published by Pacific Research Institute (PRI) in association with Forbes magazine, is featured in the newly released "Best Places" issue of Forbes.
The Index ranks America's 50 states according to how friendly - or unfriendly - their governments are toward free enterprise. The report factors more than 140 variables - from taxes to environmental regulations to tort laws to property rights.
The rankings are based on five types of government intervention in markets: fiscal, regulatory, judicial, size of government, and welfare.
Many of the results are quite surprising. For example, Kansas ranks highest, while New York ranks lowest. The complete rankings appear below and on PRI's website www.pacificresearch.org.
The states with the most economic freedom tend to be in the Great Plains and Rockies. As a result, this region is developing prosperous centers of high-end services and information technology. The Northeast and Upper Midwest are most restrictive. Consequently, businesses and consumers are suffering there.
Two economists at Clemson University, Ying Huang and Robert E. McCormick, authored the study. The project director was Lawrence J. McQuillan, director of Business and Economic Studies at PRI.
Although scholarly in nature, the Index is written in clear English and is easily understandable. The reasoning underlying each state ranking is explained in-depth, making the Index a valuable resource for lawmakers, journalists, and the general public.
"This Index provides a much-needed metric to compare states on how they encourage or discourage free enterprise," says McQuillan. "It also suggests where future growth will occur - and where it won't." Every state should take notice.
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To arrange an interview with Lawrence J. McQuillan, please contact Susan Martin at 415/955-6120 or smartin at pacificresearch.org.
About the Project Director Dr. Lawrence J. McQuillan oversaw development of the "U.S. Economic Freedom Index." He is director of Business and Economic Studies at the Pacific Research Institute. Specializing in tax, budget, and regulation issues, his work has appeared in many leading publications - including the Los Angeles Times, USA Today, Forbes, and the Encyclopedia Britannica. He is a regular contributor to National Review Online and frequently appears on television and radio. He holds a Ph.D. in economics from George Mason University.
About PRI For more than two decades, the Pacific Research Institute for Public Policy (PRI) has championed individual liberty through free markets. PRI is a non-profit, non-partisan organization dedicated to promoting the principles of limited government, individual freedom, and personal responsibility. To learn more about PRI visit www.pacificresearch.org.
COMPLETE LIST OF STATE RANKINGS ("1" means most economic freedom, "50" means least) Alabama - 25 Alaska - 33 Arizona - 11 Arkansas - 23 California - 49 Colorado - 2 Connecticut - 48 Delaware - 8 Florida - 22 Georgia - 19 Hawaii - 35 Idaho - 4 Illinois - 46 Indiana - 14 Iowa - 16 Kansas - 1 Kentucky - 39 Louisiana - 40 Maine - 30 Maryland - 27 Massachusetts - 41 Michigan - 34 Minnesota - 44 Mississippi - 28 Missouri - 10 Montana - 21 Nebraska - 20 Nevada - 12 New Hampshire - 7 New Jersey - 42 New Mexico - 37 New York - 50 North Carolina - 24 North Dakota - 18 Ohio - 43 Oklahoma - 6 Oregon - 29 Pennsylvania - 45 Rhode Island - 47 South Carolina - 13 South Dakota - 15 Tennessee - 26 Texas - 17 Utah - 5 Vermont - 36 Virginia - 3 Washington - 31 West Virginia - 32 Wisconsin - 38 Wyoming - 9