TORONTO, Aug. 18, 2022 (GLOBE NEWSWIRE) — Economic freedom helps produce faster economic growth, higher living standards and greater happiness, according to an extensive literature review.
“In academia, there is a growing consensus that increased economic freedom correlates with positive outcomes for people in countries around the world,” said Robert A. Lawson, professor of economics at Southern Methodist University and author of Economic freedom in literature: what is it good for (badly)?
The review examined 721 empirical articles (published between 1996 and 2022) using the World Index of Economic Freedom, which measures economic freedom—the ability of individuals to make their own economic decisions—by analyzing policies and the institutions of jurisdictions and the assessment of indicators such as regulation, size of government, property rights, government spending and taxation.
More than 50 percent of newspapers reported good correlations between economic freedom (as measured by the index) and good outcomes (faster economic growth, higher living standards, reduced conflict, etc.), while around 45 percent reported mixed/nil/uncertain. results Only one in 20 articles reported a poor outcome.
“Research shows that economic freedom increases prosperity and economic growth and also leads to positive outcomes in other areas,” Lawson said. “When free to do so, individuals and families, not crony elites or overpowering governments, make the best decisions for themselves.”
Most studies in the following areas found that economic freedom was related to:
reduction of conflicts, wars, civil unrest and terrorist attacks
increase entrepreneurship and innovation
stronger economic growth
improvement of human rights and social development
increase revenue and productivity
improving labor market outcomes, including reducing unemployment and increasing wages and participation
“Personal choice, voluntary exchange and open markets remain the cornerstones of economic freedom, which is key to prosperity around the world,” Lawson said.
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