Economic development facets and their interrelation

Jaroslav Gonos (), Daniela Hrehová () and Katarína Čulková ()
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Jaroslav Gonos: University of Prešov, Slovakia
Daniela Hrehová: Technical University of Košice, Slovakia
Katarína Čulková: Technical University of Košice, Slovakia

Entrepreneurship and Sustainability Issues, 2022, vol. 9, issue 3, 88-102

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 (search for similar items in EconPapers)
JEL-codes: A13 B55 D10 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:9:y:2022:i:3:p:88-102

DOI: 10.9770/jesi.2022.9.3(6)

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