ECONOMICS FREEDOM DEFINITION FREE

Few empirical studies have explored the relationship between economic freedom and pandemics. If this is the case, economic freedom may be a predictor of the success of anti-pandemic efforts. During a pandemic such as COVID-19, optimizing the deployment of resources is essential. Friedman and Hayek believed that a society with a high level of economic freedom could improve the effectiveness of the market in allocating resources. The concept of economic freedom involves personal choice, voluntary exchange, freedom to enter markets and compete, and security of people and privately owned property. The core principle of economic freedom is the freedom of citizens to conduct economic activities with minimal interference from the state. Įconomic freedom is defined as the freedom of the economy to not be subjected to government interference.

ECONOMICS FREEDOM DEFINITION FREE

Geloso and Murtazashvili argued that people in economically free societies will be less vulnerable during COVID-19 because they benefit from the wealth effect of freedom. Szulczyk & Cheema found that countries with greater economic freedom had lower COVID-19 mortality rates.

This shows that in addition to government policies, the social system of a country may also affect the speed of epidemic control, such as economic freedom. The impact of COVID-19 differs between nations some nations can control the pandemic more quickly. However, there are still effects of many other potential social factors that have not been fully understood. Previous studies have found that psychosocial factors can affect the impact of COVID-19, such as individualism, tightness, and relational mobility. In the face of this crisis that is almost without precedent in the human community, the basic state of society may be important in determining the size of its impact. Although there have been transnational differences in the impact of COVID-19, the factors that cause such differences are poorly understood. The COVID-19 pandemic caused by the novel severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) is still raging around the world. New interventions are needed to help countries heighten economic freedom and equality as they continue to battle COVID-19 and other collective threats. ConclusionsĮconomic freedom has a positive effect on the control of the COVID-19 pandemic only among highly egalitarian nations. Furthermore, cooperation was found to be a possible psychological mechanism explaining how economic freedom increases resource availability. The evolutionary game model revealed a mechanism whereby economic freedom influences the speed of pandemic control through high resource availability. Equality was found to moderate the correlation and representational similarity between economic freedom and the speed of pandemic control. The economic freedom of nation could be used to positively predict the speed of pandemic control and the related similarity pattern. In Study 3, we used experimental manipulation to elucidate the psychological mechanism relating economic freedom and resource allocation. In Study 2, an evolutionary game model in which economic freedom affects the speed of pandemic control through optimization of the allocation of available resources was developed. We collected the cumulative number of confirmed cases over time to perform logistic curve fitting and obtain the speed at which the first wave of the pandemic was controlled, and partial correlation analysis and representational similarity analysis (RSA) were performed to assess the similarity between economic freedom and the speed of pandemic control. In Study 1, we assessed the effect of economic freedom and equality on COVID-19 pandemic control from nations worldwide. The current study investigated how economic freedom and equality influenced the pandemic control process. The absence of pharmaceutical interventions made it particularly difficult to mitigate the first outbreak of coronavirus disease 2019 (COVID-19).

Economics freedom definition