Received:
2021-11-10 | Accepted:
2022-01-09 | Published:
2022-03-30
Title
Economic development facets and their interrelation
Abstract
For many years, people have been trying to examine the factors that affect life in the country in which they live. Many procedures and methodologies have emerged into the help to measure individual aspects of life. One of them is GDP. But even though it is the most used of them, it focuses mainly on the economic side of life and ignores other factors that affect the lives of people in a given country. The aim of this paper is to identify the degree of connection between the development of the macroeconomic indicator of GDP and the index of economic freedom for the Slovak Republic. Based on the analysis of their development, components and impacts on the country, their main advantages and disadvantages will be determined, as well as their effectiveness compared to GDP. As no indicator can cover all areas, each of them looks at the same issue from a different angle, so to get a more comprehensive view of a country, it is not appropriate to focus on just one of them.
Keywords
index of human development, index of economic freedom, economies competitiveness, press freedom, Slovakia
JEL classifications
A13
, B55
, D10
URI
http://jssidoi.org/jesi/article/938
DOI
Pages
88-102
Funding
This research was supported by the project KEGA No 006TUKE-4/2019 "Foreign Student's education with an emphasis on creating key competences in the context of building a working career and the inclusion into the labour market in Slovakia".
This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License
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