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Fall 2014

ISSN 0890-913X

Volume 29, Number 3

Categories: Fall 2014 | Freedom

Economic Freedom and Quality of Life: Evidence from the OECD’s Your Better Life Index

Boris Nikolaev, Baylor University

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TheJournalofPrivateEnterprise29(3),2014,61–96EconomicFreedomandQualityofLife:EvidencefromtheOECD’sYourBetterLifeIndexBorisNikolaevOxfordCollegeofEmoryUniversity______________________________________________________AbstractMeasuresofmaterialstandardsoflivingsuchasgrossdomesticproductdominatenationaldebatesonsocialandeconomicprogress.Suchmeasures,however,oftenfailtocaptureimportantdimensionsofqualityofliferelatedtothestrengthofsocialnetworks,qualityofeducation,frequencyofcivicengagement,personalhealth,andpsychologicalwell-being.Inthispaper,Iprovidesomepreliminaryevidenceontherelationshipbetweeneconomicfreedomandmorethantwentyindicatorsofqualityoflifeseparatedintoelevendimensionsofwell-beingfromarecentlydevelopedwell-beingindex,YourBetterLifeIndex,bytheOrganizationofEconomicCooperationandDevelopment(OECD).Ifindthateconomicfreedomisstronglyandpositivelycorrelatedwithmostoftheseareasofwell-beingevenafterIcontrolforthepositiveimpactofincome.Moreimportantly,however,thestrongesteffectofeconomicfreedomisassociatedwithsomeofthenonmaterialdimensionsofqualityoflifesuchascommunity,safety,andlifesatisfaction,whicharestillunderresearchedareasintheeconomicfreedomliterature.AdditionalevidencefromtheHumanDevelopmentIndexfrom1972to2010foralargesetofdevelopedanddevelopingcountriesfurthershowsthatchangesineconomicfreedomfosterhumandevelopmentinboththeshortrun(fiveyears)andthelongrun(tenyears).______________________________________________________JELCodes:O10,I31,H10Keywords:Economicfreedom,Qualityoflife,FormalinstitutionsI.IntroductionMeasuresofmaterialstandardsoflivingsuchasgrossdomesticproduct(GDP),orhouseholdandindividualincome,dominatenationaldebatesaboutsocialandeconomicprogress.Economistshaveusedsuchmeasuresasaproxyforwell-beingdespitelimitations61

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Title	Economic Freedom and Quality of Life: Evidence from the OECD’s Your Better Life Index
Authors/Creators:	Boris Nikolaev, Baylor University
Year:	2014
Volume:	29
Number:	3
Pages:	61 - 96
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Economic freedom, Quality of life, Formal institutions

Citation:
Nikolaev, Boris / 2014. "Economic Freedom and Quality of Life: Evidence from the OECD’s Your Better Life Index." The Journal of Private Enterprise, 29(3): 61-96.