Measurement of Socio-Economic Development Using the Humand Development Index Extended by an Indicator of Economic Freedom

For nearly half of a century resonates the fact that evaluating the success of the country's development, solely on the basis of economic growth measured by the gross domestic product (and derived therefrom of economic development level) does not have sufficient explanatory power because it does not sufficiently reflect a qualitative shift of the civilization. Attention is therefore focused not only on exploring possibilities to affect the economic growth in its complexity, but also how to eliminate as much as possible the impact of negative factors on the increase, but above all, how to and according to what indicators to measure our development. We mean not only economic but also human development in terms of the interconnection of socio-economic, environmental and institutional quality. The relevant issue is the content of many documents framing planetary development and is the subject of extensive research, especially since the appropriate construction of indicators that affects the economic and human development in its complexity and allows subsequently adopting responsible economic policy decisions. The possibility of measuring the socio-economic development using the human development index extended by another summary indicator (economic freedom) is the subject of the presented contribution.