Do countries really need flags anymore?
This paper utilizes a simple production function model to assess the relative importance of national flags and national flag colors on the well-being of 93 nations in 2007. It finds that the existence of national flags affects well-being positively. Well-being is inelastic with respect to national flag colors. In other words, it is far more important to well-being to have a national flag than whether the flag is a certain color combination. There is considerable regional variation, but the effects of national flags on well-being are invariant with respect to region.
Source: “National Flags, National Flag Colors, and the Well-Being of Countries” from REEPS WORKING PAPER No. 200810.1
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