These 3 Charts Show the Importance of Economic Freedom

COMMENTARY International Economies

These 3 Charts Show the Importance of Economic Freedom

Apr 9th, 2018 1 min read
COMMENTARY BY
Patrick Tyrrell

Research Coordinator

Patrick Tyrrell is a research coordinator in The Heritage Foundation’s Center for International Trade and Economics.
Governments that respect and promote openness and free markets provide greater opportunities for innovation and progress, ultimately leading to greater human flourishing. lukbar/Getty Images

Key Takeaways

Nations with greater economic freedom have stronger economies, with higher gross domestic product per person.

Citizens in countries that are economically free enjoy twice as much formal education on average as those in economically repressed nations.

Free trade is a key element of economic freedom. Countries that embrace free trade enjoy more prosperity as a result.

Since 1995, The Heritage Foundation’s Index of Economic Freedom has tracked the progress of economic freedom around the world and measured the tangible impact of expanding economic liberty.

Three charts released in conjunction with this year’s U.S. launch of the index highlight some of the abundant fruits economic freedom brings to people fortunate enough to live in countries where it is cultivated.

1. Nations with greater economic freedom have stronger economies, with higher gross domestic product per person.

EconFreedomStrongerEconomies.jpg

2. Citizens in countries that are economically free enjoy twice as much formal education on average as those in economically repressed nations.

EconFreedomEducation.jpg

3. Free trade is a key element of economic freedom. Countries that embrace free trade enjoy more prosperity as a result.

EconFreedomTrade.jpg

The U.S. launch of the 2018 Index of Economic Freedom Monday was a reminder that greater economic freedom creates real and dynamic benefits for both individuals and societies.

There is no single formula for overcoming challenges to economic development and maintaining prosperity, but one thing is clear: Around the world, governments that respect and promote openness and free markets provide greater opportunities for innovation and progress, ultimately leading to greater human flourishing.

This piece originally appeared in The Daily Signal