Liberty, Economic Growth, and Income Inequality: Multidimensional Analysis in Developing and Developed Countries.
DOI:
https://doi.org/10.35319/r4t67b91Keywords:
Economic freedom, Economic growth, Income inequalityAbstract
The research analyzes the intricate relationship between economic freedom, economic growth, and income inequality. It builds on previous studies indicating that economic freedom stimulates economic growth and fosters human development but can also result in disparities in income distribution. The correlation between per capita GDP, economic freedom, and the Gini Index reveals that, generally, countries with greater economic prosperity tend to adopt policies that promote economic freedom, and nations with a freer economy often exhibit a more equitable income distribution. The research is grounded in a panel data analysis of 25 countries from 2000 to 2020, categorizing them into five groups based on their level of development and economic freedom. Consequently, it underscores the importance of economic and social policies that aim to balance economic growth with the reduction of inequality to achieve a fairer and more prosperous society.
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