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Does economic freedom enhance quality of life in Africa?

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  • Olalekan Charles Okunlola

    (Institute for Peace and Conflict Resolution)

  • Anthony E. Akinlo

    (Obafemi Awolowo University)

Abstract

This paper examines the role that the level and changes in economic freedom play in promoting quality of life in Africa over the period 1985–2016. It develops a composite index for quality of life to capture the different dimensions of quality of life. Employing the generalised method of moments (GMM) estimation technique, the results indicate a positive effect of economic freedom on the quality of life. However, change in economic freedom has an inverse relationship with the quality of life in Africa. The GDP growth and foreign aid have positive effects on the quality of life index and its various indicators. The findings highlight the need for African countries to establish fiscal and monetary policies suitable for improving economic freedom. It also emphasizes the need for African countries to reduce international trade barriers and open up African economies to foreign trade. This will bring about increased economic growth and improved quality of life.

Suggested Citation

  • Olalekan Charles Okunlola & Anthony E. Akinlo, 2021. "Does economic freedom enhance quality of life in Africa?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 68(3), pages 357-387, September.
    • Handle: RePEc:spr:inrvec:v:68:y:2021:i:3:d:10.1007_s12232-021-00372-2
    DOI: 10.1007/s12232-021-00372-2
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    Cited by:

    1. Isaac K. Ofori & Andreas Freytag & Simplice A. Asongu, 2023. "Economic globalisation and Africa's quest for greener and more inclusive growth: The missing link," Jena Economics Research Papers 2023-004, Friedrich-Schiller-University Jena.
    2. Gouider, Abdessalem & Nouira, Ridha & Saafi, Sami, 2022. "Re-Exploring the Nexus Between Economic Freedom and Growth: Is There a Threshold Effect?," Journal of Economic Development, The Economic Research Institute, Chung-Ang University, vol. 47(3), pages 147-167, September.
    3. Folorunsho M. Ajide & James T. Dada, 2023. "Poverty, entrepreneurship, and economic growth in Africa," Poverty & Public Policy, John Wiley & Sons, vol. 15(2), pages 199-226, June.
    4. Isaac K. Ofori & Andreas Freytag & Simplice A. Asongu, 2023. "Economic globalisation and Africa’s quest for greener and more inclusive growth: The missing link," Working Papers 23/032, European Xtramile Centre of African Studies (EXCAS).
    5. Olalekan C. Okunlola & Olumide A. Ayetigbo & Sam O. Ajiye, 2022. "Does a free market system reduce conflict in Africa?," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 24(1), pages 147-170, June.

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    More about this item

    Keywords

    Quality of life; Economic freedom; GMM estimation; Africa;
    All these keywords.

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • P19 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Other
    • C39 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Other
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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