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Effects of Economic Freedom on Subjective Well-Being

Author

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  • Alexandra-Cristina Sirbu

    (Alexandru Ioan Cuza University of IaÅŸi, Faculty of Economics and Business Administration IaÅŸi)

  • Andreea-Oana Iacobuță-Mihăiță

    (Alexandru Ioan Cuza University of IaÅŸi, Faculty of Economics and Business Administration IaÅŸi)

  • Mircea Asandului

    (Alexandru Ioan Cuza University of IaÅŸi, Faculty of Economics and Business Administration IaÅŸi)

  • Madalina-Maria Brezuleanu

    (Alexandru Ioan Cuza University of IaÅŸi, Faculty of Economics and Business Administration IaÅŸi)

Abstract

Are people more likely to be satisfied with their lives if they had freedom from regulations, if they had the ability to trade freely internationally? In light of the demographic aging phenomenon we are facing, the present study analyzes the relationship between economic freedom and life satisfaction among European older adults. In order to do so, we are using data from the European Health, Ageing, and Retirement Survey and Economic Freedom of the World. By using the ordered logit regression method, we estimated different models to identify how sub-indicators of economic freedom affect the subjective well-being. According to the findings, the quality of the institutions that define the legal system and establish rules for the protection of private property and sound monetary policy have a positive effect on subjective well-being. On the other hand, openness to international trade has a negative effect and government and regulation doesn’t show any significance. Â

Suggested Citation

  • Alexandra-Cristina Sirbu & Andreea-Oana Iacobuță-Mihăiță & Mircea Asandului & Madalina-Maria Brezuleanu, 2023. "Effects of Economic Freedom on Subjective Well-Being," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 70(SI), pages 85-97, February.
    • Handle: RePEc:aic:saebjn:v:70:y:2023:i:si:p:85-97:n:6
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    References listed on IDEAS

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    1. Dawson, John W., 2003. "Causality in the freedom-growth relationship," European Journal of Political Economy, Elsevier, vol. 19(3), pages 479-495, September.
    2. Johan Graafland, 2020. "When Does Economic Freedom Promote Well Being? On the Moderating Role of Long-Term Orientation," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 149(1), pages 127-153, May.
    3. Le Roux, Julien & Roma, Moreno, 2018. "Recent house price increases and housing affordability," Economic Bulletin Boxes, European Central Bank, vol. 1.
    4. Gehring, Kai, 2013. "Who Benefits from Economic Freedom? Unraveling the Effect of Economic Freedom on Subjective Well-Being," World Development, Elsevier, vol. 50(C), pages 74-90.
    5. Graafland, J.J. & Compen, B., 2012. "Economic Freedom and Life Satisfaction : A Cross Country Analysis," Other publications TiSEM b80a9d8e-af55-43fc-bad2-9, Tilburg University, School of Economics and Management.
    6. Nikolaev, Boris & Bennett, Daniel L., 2016. "Give me liberty and give me control: Economic freedom, control perceptions and the paradox of choice," European Journal of Political Economy, Elsevier, vol. 45(S), pages 39-52.
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    Cited by:

    1. Katarína Belanová & Rudolf Sivák & Boris Dziura & Silvia Bastyr & Miriana Šípová, 2023. "Empirical analysis of the impact of economic freedom on economic growth in the Slovak Republic, the Czech Republic and Singapore," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 11(2), pages 419-432, December.

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