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Post at: Jun 23 2022

Index of Economic Freedom

Recent Context
=    In March 2022, the Heritage foundation has published the 28th edition of the’ Index of Economic Freedom 2022’.
=    The Index covers 12 categories of econimic freedoms – from property rights to financial freedom – in 177 countries.
What is Economic Freedom?
=    Economic freedom is the fundamental right of every human to control his or her own labor and property. 
=    In an economically free society, individuals are free to work, produce, consume, and invest in any way they please.
=    In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.
Methodology 

  • The Index of Economic Freedom focuses on four key aspects of the economic and entrepreneurial environment over which governments typically exercise policy control :-
    • Rule of law (property rights, government integrity, judicial effectiveness)
    • Government size (government spending, tax burden, fiscal health)
    • Regulatory efficiency (business freedom, labor freedom, monetary freedom)
    • Market openness (trade freedom, investment freedom, financial freedom) 

Key Findings

  • The global average economic freedom score is now 60—a loss of 1.6 points from the previous year’s 61.6.
  • The global average trade-freedom score has declined from 70.9 to 69.5.
  • The standard of living, measured by incomes per capita, is much higher in economically freer countries. 

Ranking The World By Economic Freedom

About Heritage Foundation

  • The Heritage Foundation is an American conservative think tank based in Washington, D.C., primarily geared towards public policy. 
  • Heritage’s mission is to formulate and promote public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.
     


 


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