1. Democracy. Measured as "Odds for winning candidate/party 6 months before voting date, averaged over last 4 electoral cycles", higher the better. Democracy = elections with unpredictable results. This metric creates some questionable cases (Iraq will be a democracy and Japan won't), but it's still good enough.
2. Per capita GDP growth rate, averaged over ~10 year economic cycle.
3. Per capita GDP itself. Log scale.
4. Protection of private property rights. Measured as ratio of private net worth to GDP (if rights are not protected, businesses aren't worth much even if they make a lot of money because people know they can be taken away and that's priced in).
2. Per capita GDP growth rate, averaged over ~10 year economic cycle.
3. Per capita GDP itself. Log scale.
4. Protection of private property rights. Measured as ratio of private net worth to GDP (if rights are not protected, businesses aren't worth much even if they make a lot of money because people know they can be taken away and that's priced in).