VANCOUVER, British Columbia, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Higher levels of economic freedom lead to much higher incomes and much better health, in addition to other benefits, finds a new study published today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
“The research clearly shows that higher levels of economic freedom are a positive force that policymakers everywhere should understand,” said Matthew Mitchell, senior fellow at the Fraser Institute and author of Economic Freedom: What Is It? How Is It Measured? And How Does It Affect Our Lives?
What is economic freedom?
When people enjoy more economic freedom, they are able to make more of their own economic choices rather than bureaucrats, politicians and regulators.
How do we measure economic freedom?
Each year, the Economic Freedom of the World project measures economic freedom in 165 jurisdictions worldwide. The index has been used in hundreds of studies assessing the effect of economic freedom on the wellbeing of people.
How does economic freedom affect our lives?
According to the research, people who live in the most economically-free countries earn about seven times more money than people who live in the least-free places. They also live 16 years longer and are 35 per cent more satisfied with their lives. Their environments are cleaner and their governments are less corrupt. They’re more likely to trust and tolerate others.
And in the least economically-free places, extreme poverty is 40 times greater than in the most-economically free places.
“Simply put, higher levels of economic freedom make life better, especially for society’s most vulnerable,” Mitchell said.
“When governments craft policy, they should understand the power of economic freedom and its ability to improve the lives of people across all income levels and all aspects of society.”
MEDIA CONTACT:
Matthew Mitchell, Senior Fellow, Fraser Institute
MEDIA CONTACT:
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The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute’s independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org.
