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Economic development facets and their interrelation

Author

Listed:
  • Jaroslav Gonos

    (University of Prešov, Slovakia)

  • Daniela Hrehová

    (Technical University of Košice, Slovakia)

  • Katarína Čulková

    (Technical University of Košice, Slovakia)

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.

Suggested Citation

  • Jaroslav Gonos & Daniela Hrehová & Katarína Čulková, 2022. "Economic development facets and their interrelation," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 9(3), pages 88-102, March.
    • Handle: RePEc:ssi:jouesi:v:9:y:2022:i:3:p:88-102
    DOI: 10.9770/jesi.2022.9.3(6)
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    References listed on IDEAS

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    4. W. Kenn Farr & Richard A. Lord & J. Larry Wolfenbarger, 1998. "Economic Freedom, Political Freedom, and Economic Well-Being: A Causality Analysis," Cato Journal, Cato Journal, Cato Institute, vol. 18(2), pages 247-262, Fall.
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    Keywords

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    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B55 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Social Economics
    • D10 - Microeconomics - - Household Behavior - - - General

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