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THE MORE ECONOMİC FREEDOM, THE MORE WELFARE? INFERENCES FROM TWO INDEXES

Although economic development is the basis of development, which is a multidimensional concept, it also aims to progress in social and political terms and to increase the quality of life in many ways. Economists as well as most social scientists recognize that the democratic use of political rights and economic freedoms is essential in enhancing the well-being of individuals in any society. In this study, the relationship between countries with different per capita income levels and economic freedoms was evaluated within the framework of the Fraser and Heritage economic freedom indices. While gross domestic product per capita is a limited measure of economic well-being, it has been used as a proxy for the improvement in a country's material living standards. Although there are examples that distort the consistency between the economic freedom categories of both indices and the welfare levels of the countries, it can be said that the increased level of economic freedom generally reflects positively on the welfare and living standards of the countries.