The Effect of Economic Freedom and Human Development on Economic Growth: Panel Data Analysis for G7 Countries
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Economic Growth, Economic Freedom, Human DevelopmentAbstract
An important indicator of countries achieving better economic conditions is economic growth. Economic growth can be affected by many situations and factors due to the fact that it is a macroeconomic phenomenon. In the study, the effect of economic freedoms and human development on economic growth were examined from these factors. In the analysis, the Index of Economic Freedom data published every year by the Heritage Foundation and the Human Development Index data published by the United Nations Development Program and the Gross Domestic Product per capita data obtained from the World Bank's database were used. In the period of 1995-2021, panel data regression method was applied with the data of G7 countries. It was concluded that there is a statistically significant and positive relationship between the independent variables of the Economic Freedom Index and the Human Development Index and the dependent variable of economic growth expressed by GDP per capita.
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