Analysis of The Relationship Between Economic Freedom and Economic Growth in Indonesia

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ANALYSIS OF RELATIONSHIP BETWEEN ECONOMIC FREEDOM AND ECONOMIC GROWTH IN INDONESIA

Dwi Wulandari

Faculty of Economics, State University of Malang, Indonesia
Abstract

The purpose of this research is to find the relationship between economic freedom and economic growth in Indonesia from 2004-2014. Economic freedom represents the institutional reform in a country. The result indicates that economic freedom leads to economic growth. Market liberalization is a necessary institutional reforms forthe country that is concerned in increasing economic growth. Economic freedom is a key component in the effort to improve the economic and social welfare. Moderate degree of freedom required in the political and economic areas to improve growth. Institutional framework of the community plays a role in long-term economic performance. Economic freedom will boost economic growth and market economic system is a very powerful engine of innovation that is the trigger of economic growth. Free market and the protection of property rights would increase economic growth.

Keywords: Economic freedom, economic growth, index ofeconomic freedom, market economy, institutional reform

Artikel tersebut telah dipublikasikan dalam Jurnal Internasional Interdisciplinary journal of contemporary research in business (IJCRB), Februari, Volume 6 No 10 2015.

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