National flags, national flag colors, and the well-being of countries

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.