The Impact of Economic Freedom on Economic Growth? New European Dynamic Panel Evidence

Brkić, Ivana; Gradojević, Nikola; Ignjatijević, Svetlana

doi:10.3390/jrfm13020026

Cited by 52 publications

(41 citation statements)

References 33 publications

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“…K. Gehring (2013) confirmed the positive impact of economic freedom on subjective well-being, I. Brkić et al (2020) and L. Mura et al (2017) examined economic freedom and economic growth. C. Williamson and R. L. Mathers (2011) also examined the impact of economic freedom and culture on economic growth.…”

Section: Literature Reviewmentioning

confidence: 80%

Cultural Impact on Economic Freedom in OECD Member Countries

Steinhauser¹

2022

ekoncas

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The new institutional economic theory working with the concept of transaction costs assumes a quality setting of formal and informal institutions for an effectively functioning economic system. In an economic freely environment, we can assume a lower level of transaction costs. The main aim of the presented article is to identify Hofstede's cultural dimensions that have a combined impact with the Human Development Index on economic freedom measured by The Heritage Foundation Index of Economic Freedom in OECD member countries. We used instruments of quantitative analysis, namely correlation and multiple regression analysis. We confirmed a negative impact of power distance and uncertainty avoidance on The Heritage Foundation Index of Economic Freedom. Countries with higher values of the Human Development Index achieve better score in The Index of Economic Freedom. In literature review and discussion we open the question of cancel culture in context of economic freedom for further research and we recommend the application of the concept of economic freedom in accordance with the principle of subsidiarity. However, the importance of economic freedom appears differently for diverse groups of countries.

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Section: Literature Reviewmentioning

confidence: 80%

Cultural Impact on Economic Freedom in OECD Member Countries

Steinhauser¹

2022

ekoncas

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“…Recently, in an empirical analysis for 43 European countries between 1995 and 2014, the authors concluded that economic freedom has a positive effect on economic growth, with increases in economic freedom scores positively impacting said growth [9]. Dissonant to most researchers who find positive correlations between economic freedom and economic growth, a small number of researchers argue that high levels of economic freedom can be detrimental to economic growth.…”

Section: Literature Review and Hypothesis Formulation 21 Economic Freedommentioning

confidence: 99%

Aurora Borealis Is an Inspiration to the Performance of Nordic Economies?

Nogueira¹,

Madaleno²

2021

Preprint

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The Nordic countries are practically always well positioned in the main international economic, social and sustainability indices and recommending the scientific literature that the variables that these indices intend to measure translate into sustainable economic growth, with this unprecedented empirical study we intend to verify through the ARDL methodology for space temporal 2004 -2018 if the maintenance of high scores in these indexes translates into effective economic growth. The ARDL methodology has the advantage of giving us short- and long-term coefficients. Using four of the main international indices, we conclude that for Nordic countries for economic growth, economic freedom is of no significance and business-friendly regulation is the most important variable. A fundamental discovery in our study (in which Granger's Causality complements the ARDL methodology) is that these countries have been able to adapt perfectly to the globalization process and that entrepreneurship has worked as an important contribution to the continued economic and social success of these countries, allowing them to continue to enjoy their “Nordic Welfare States” in these uncertain and troubled times. These variables have contributed to its economic and social sustainability.

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“…The countries have economic structures with different levels of economic freedom in the world. Therefore, the effect of economic freedom on economic growth and development has been widely researched in the related literature and a positive effect of market-oriented economic structures on economic growth and development has been mainly revealed [17][18][19][20].…”

Section: Introductionmentioning

confidence: 99%

Economic Freedom, Education and CO2 Emissions: A Causality Analysis for EU Member States

Sart

Bayar

Danilina

et al. 2022

IJERPH

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Environmental sustainability is one of three pillars of sustainability. However, a significant worldwide deterioration in the environment has been experienced since the Industrial Revolution, but the efforts to protect the environment date back to the 1970s. In this context, many economic and non-economic factors underlying environmental degradation have been investigated until today, but the influence of economic freedom indicators and education on the environment have been relatively less analyzed and the researchers have mainly focused on the influence of economic and institutional variables on the environment. Therefore, this paper investigates the reciprocal interplay among economic freedom indicators, education, and environment in EU member states over the 2000–2018 term by using a causality test with cross-sectional dependency and heterogeneity and taking the research gap into consideration. The causality analysis indicates that market-oriented economic structure and education can be beneficial in combatting environmental degradation.

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The Impact of Economic Freedom on Economic Growth? New European Dynamic Panel Evidence

Cited by 52 publications

References 33 publications

Cultural Impact on Economic Freedom in OECD Member Countries

Cultural Impact on Economic Freedom in OECD Member Countries

Aurora Borealis Is an Inspiration to the Performance of Nordic Economies?

Economic Freedom, Education and CO2 Emissions: A Causality Analysis for EU Member States

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