Economic Freedoms
Economic Freedoms
May 14, 2013
GB540: Economics for Global Decision Makers
Abstract
Economic freedom is the way a country operates. It involves the techniques a country uses to produce, sell and use their own resources while respecting others’ rights to do the same. (Economic freedom 2011) Economic freedom is very import because it impacts the success of that country. Those countries thriving in economic freedom tend to thrive while those who are not tend to be in poverty filled environments. Living an economy with high levels of economic freedom reflect areas that have higher incomes, longer life expectancies and less unemployment. (Economic freedom 2011) The Heritage Foundation, in collaboration with the Wall Street Journal publishes the Index of Economic Freedom. This publication reveals the results of measuring economic freedom of different countries in the world, as well as ranking them. The Heritage Foundation includes multiple components when measuring economic freedom; some of these components include levels of business, trade, labor freedom, and government spending. This essay will focus on the relationship of economic freedoms and wealth as well as take a closer look at the country of Haiti.
Economic freedom is a measure of a country freedom to invest, produce, consume and operate in its own fashion. (Zagar 2010) The Heritage Foundation in collaboration with Wall Street put together a publication titled the Index of Economic Freedom. This publication has a conclusive list of countries and is rated on a scale of 0-100. On the index of economic freedom, those with higher measurements have higher levels of economic freedom. Some countries such as Syria and Libya are still developing making it very hard to measure their economic freedom. Typically the wealthier a country is the higher the level of economic freedom. Some of the least economic free countries are Libya and Venezuela. (Zafar 2010) The increase in government involvement lowers
May 14, 2013
GB540: Economics for Global Decision Makers
Abstract
Economic freedom is the way a country operates. It involves the techniques a country uses to produce, sell and use their own resources while respecting others’ rights to do the same. (Economic freedom 2011) Economic freedom is very import because it impacts the success of that country. Those countries thriving in economic freedom tend to thrive while those who are not tend to be in poverty filled environments. Living an economy with high levels of economic freedom reflect areas that have higher incomes, longer life expectancies and less unemployment. (Economic freedom 2011) The Heritage Foundation, in collaboration with the Wall Street Journal publishes the Index of Economic Freedom. This publication reveals the results of measuring economic freedom of different countries in the world, as well as ranking them. The Heritage Foundation includes multiple components when measuring economic freedom; some of these components include levels of business, trade, labor freedom, and government spending. This essay will focus on the relationship of economic freedoms and wealth as well as take a closer look at the country of Haiti.
Economic freedom is a measure of a country freedom to invest, produce, consume and operate in its own fashion. (Zagar 2010) The Heritage Foundation in collaboration with Wall Street put together a publication titled the Index of Economic Freedom. This publication has a conclusive list of countries and is rated on a scale of 0-100. On the index of economic freedom, those with higher measurements have higher levels of economic freedom. Some countries such as Syria and Libya are still developing making it very hard to measure their economic freedom. Typically the wealthier a country is the higher the level of economic freedom. Some of the least economic free countries are Libya and Venezuela. (Zafar 2010) The increase in government involvement lowers
References: Economic Freedom. (2011) Charles Koch Institute. Retrieved from http://www.economicfreedom.org/about/what-is-economic-freedom/. Retrieved on May 14, 2013 Ursja Zargar (2010) Economic Freedom and the Wealth of Nations. http://business-econ.blogspot.com/2010/05/economic-freedom-and-wealth-of-nations.html