Discuss Factors Affecting Index in Economic Freedom Index Of 2014

Question

The 2014 Index of Economic Freedom tracks the level of economic freedom in 186 countries.  Economic freedom means that individuals are free to work, produce, consume, and invest in any way they please.  In countries with economically free societies, governments allow labor, capital and goods to move freely, and with few constraints.

The index measures economic freedom based on 10 factors, grouped into four broad categories:  (1) Rule of Law - property rights & freedom from corruption; (2)Limited Government - fiscal freedom & government spending; (3) Regulatory Efficiency - business freedom, labor freedom, & monetary freedom; and, (4) Open Markets - trade freedom, investment freedom, & financial freedom.

Go to the 2014 Index of Economic Freedom (http://www.heritage.org/index/).  Select “Country Rankings.”  Find the “United States” and click on it to read why it is ranked the way it is.  Select and read about two other countries - ones that differ substantially in their rankings.  Next, click “Graph the Data” to visually compare your three countries across the ten factors.  Discuss the biggest similarities and differences.

Review the replies your peers made in Part 1 of this discussion as to three ways their current life was different because of the economic system they had lived under. Which difference can you most personally relate to? Of the 10 factors in the index, which factor seems most associated with the difference you chose?  How does the Index of Economic Freedom suggest that difference is likely to change in the future?

 

Summary

The question belongs to Economics and it discusses about Index of Economic Freedom of 2014 for 186 countries and to find the factors that are affecting the index and the difference likely to change in the future.

Total Word Count 333


 

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