Social Values, Economic Freedom and Economic Growth. A Comparative Analysis

Abstract

The objective of the article is the analysis of the relation between social values, economic freedom and economic growth. The first part explores the international empirical literature, the second part presents the main outputs of the statistical analysis. There are two statistical techniques used in the empirical analysis: the correlational analysis and the cross-country time series panel regression. The conclusion is that the poorer countries in the sample with lower scores of economic freedom and achievement motivation have a higher speed of economic growth. There is an indirect impact of the social values on the economic growth.