• ISSN: 2010-023X
    • Frequency: Bimonthly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Executive Editor: Ms. Cherry L. Chen
    • Abstracting/ Indexing: Engineering & Technology Digital Library, ProQuest, Crossref, Electronic Journals Library, DOAJ , EBSCO, and Ulrich's Periodicals Directory
    • E-mail: ijtef@ejournal.net
IJTEF 2017 Vol.8(4): 202-205 ISSN: 2010-023X
DOI: 10.18178/ijtef.2017.8.4.564

Main Aspects of Economic Freedom and Its Impact on Rising Living Standards

Vakhtang Chkareuli
Abstract—One of the basic human needs that plays a central role in social progress is freedom. Human development mostly means to expand choices. When we are forced to do things or not to do, we do not have that many choices. We are not allowed to make our own decisions. Nowadays, economic freedom has become a broad term of discussions between economists (and not only). Economic freedom is the most essential route to greater opportunities and good standards of living for all in any society. We cannot overemphasize the importance of economic freedom. It influences almost all aspects of a human’s life and the environment where he/she lives. People define economic freedom in many different ways, but still, what is economic freedom and why do we need to be economically free? In this paper we will discuss main aspects of economic freedom and its impact on rising living standards.

Index Terms—Economic freedom, government, living standards, GDP, growth.

Vakhtang Chkareuli is with Ivane Javakhishvili Tbilisi State University; Ministry of Finance of Georgia, Georgia (e-mail: vakhtangchkareuli@gmail.com).

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Cite: Vakhtang Chkareuli, "Main Aspects of Economic Freedom and Its Impact on Rising Living Standards," International Journal of Trade, Economics and Finance vol.8, no.4, pp. 202-205, 2017.

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