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Economic Freedom, Income Inequality and Life Satisfaction in OECD Countries

Author

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  • Johan Graafland

    (Tilburg University
    Tilburg University)

  • Bjorn Lous

    (Tilburg University)

Abstract

Since Piketty’s Capital in the 21st Century in 2014, scientific interest into the impact of income inequality on society has been on the rise. However, little is known about the mediating role of income inequality in the relationship between market institutions and subjective well-being. Using panel analysis on a sample of 21 OECD countries to test the effects of five different types of economic freedom on income inequality, we find that fiscal freedom, free trade and freedom from government regulation increase income inequality, whereas sound money decreases income inequality. Income inequality is found to have a negative effect on life satisfaction. Mediation tests show that income inequality mediates the influence of fiscal freedom, free trade and freedom from government regulation on life satisfaction.

Suggested Citation

  • Johan Graafland & Bjorn Lous, 2018. "Economic Freedom, Income Inequality and Life Satisfaction in OECD Countries," Journal of Happiness Studies, Springer, vol. 19(7), pages 2071-2093, October.
    • Handle: RePEc:spr:jhappi:v:19:y:2018:i:7:d:10.1007_s10902-017-9905-7
    DOI: 10.1007/s10902-017-9905-7
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    6. Shubin Wang & Junsheng Ha & Hakan Kalkavan & Serhat Yüksel & Hasan Dinçer, 2020. "IT2-Based Hybrid Approach for Sustainable Economic Equality: A Case of E7 Economies," SAGE Open, , vol. 10(2), pages 21582440209, May.
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    8. Ofori, Isaac K. & Figari, Francesco & Ojong, Nathanael, 2023. "Towards sustainability: The relationship between foreign direct investment, economic freedom and inclusive green growth," MPRA Paper 116956, University Library of Munich, Germany.
    9. Raufhon Salahodjaev & Barno Abdullaeva & Shakhnoza Tosheva & Arletta Isaeva, 2021. "Female Parliamentarians and the Distribution of National Happiness," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 16(4), pages 1571-1585, August.
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    11. Callais, Justin T. & Young, Andrew T., 2023. "A rising tide that lifts all boats: An analysis of economic freedom and inequality using matching methods," Journal of Comparative Economics, Elsevier, vol. 51(3), pages 744-777.
    12. Teresa María García Muñoz & Juliette Milgram Baleix & Omar Odeh Odeh, 2022. "System Justification Beliefs and Life Satisfaction. The role of inequality aversion and support for redistribution," ThE Papers 22/15, Department of Economic Theory and Economic History of the University of Granada..
    13. Markéta Hnízdilová & Václav Adamec, 2020. "Per Capita Income Inequality in Czech Households Before, During and After the Economic and Financial Crisis," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 68(5), pages 885-899.
    14. Danuta Milaszewicz & Kesra Nermend, 2020. "Application of Vector Measure Construction Methods to Estimate Quality of Institutions: Nations in Transition," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 16-29.
    15. 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.
    16. Qiang Li & Lian An, 2020. "Corruption Takes Away Happiness: Evidence from a Cross-National Study," Journal of Happiness Studies, Springer, vol. 21(2), pages 485-504, February.
    17. Yong Ma & Diandian Chen, 2022. "Openness, Income Inequality, and Happiness: Evidence from China," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 20(2), pages 371-393, June.
    18. Teresa Maria García-Muñoz & Juliette Milgram-Baleix & Omar Odeh-Odeh, 2019. "Inequality and Life Satisfaction in Low- and Middle-Income Countries: The Role of Opportunity," Societies, MDPI, vol. 9(2), pages 1-25, May.
    19. Isaac K. Ofori & Francesco Figari & Nathanael Ojong, 2023. "Towards sustainability: The relationship between foreign direct investment, economic freedom and inclusive green growth," Working Papers 23/023, European Xtramile Centre of African Studies (EXCAS).
    20. Olalekan C. Okunlola & Olumide A. Ayetigbo, 2022. "Economic Freedom and Human Development in ECOWAS: Does Political-Institutional Strength Play a Role?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(3), pages 1751-1785, September.
    21. Ali Sarkhosh-Sara & Khadije Nasrollahi & Karim Azarbayjani & Rasul Bakhshi Dastjerdi, 2020. "Comparative analysis of the effects of institutional factors and Piketty’s Hypothesis on inequality: evidence from a panel of countries," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 9(1), pages 1-28, December.
    22. Lee, Sang Mook & Bazel-Shoham, Ofra & Tarba, Shlomo Y. & Shoham, Amir, 2022. "The effect of economic freedom on board diversity," Journal of Business Research, Elsevier, vol. 149(C), pages 833-849.
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    More about this item

    Keywords

    Economic freedom; Income inequality; Life satisfaction; Mediation; Regulation; Tax freedom; Trade freedom;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D60 - Microeconomics - - Welfare Economics - - - General
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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