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The Effect of Economic Freedoms on Human Development: Panel Data Analysis on the Visegrad Quartet

Mustafa Necati ÇOBAN

Abstract
The effects of economic freedoms on concepts such as economic growth and human development are frequently investigated. It is stated that economic freedoms that advocate that individuals are not restricted to their economic behaviors and activities increase the economic and social welfare of countries. In this study, the effects of economic freedoms on welfare indicators and human development are investigated. In this context, balanced panel data analysis was performed by using data from Czech Republic, Hungary, Slovakia and Poland between 1995 and 2014 as Visegrad Quartet. In the study, the Human Development Index published by UNDP and the Economic Freedom Index and sub-indices published by the Heritage Foundation as indicators of economic freedom were used as indicators of human development. As a control variable, the share of public health expenditures in GDP, the share of public education expenditures in GDP and the rate of inflation were used. In the study, it was found that economic freedoms have a positive effect on the level of human development in Visegrad countries.
Keywords: Economic Freedom, Human Development, Panel Data Analysis, Visegrad Quartet
JEL Classification: F41, O15, C33, O50.

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