IJIMT 2017 Vol.8(4): 293-298 ISSN: 2010-0248
doi: 10.18178/ijimt.2017.8.4.744

The Role of Government to Create “Effective Freedom” — The Fundament for Economic Development

Vakhtang Chkareuli
Abstract— Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion, so called the technique of the army and of the modern totalitarian state. The other is voluntary co-operation of individuals - the technique of the market place. As Milton Friedman, has mentioned in his public speeches, the government solution to a problem is usually as bad as the problem and very often makes a problem worse. In this paper, we are going to discuss the role of government to create a framework for the whole economy so that economic agents can benefit the most.

Index Terms— Economic freedom, economic freedom index, economic growth, government.

Vakhtang Chkareuli is with the Shota Rustaveli National Science Foundation of Georgia, Georgia (e-mail: vakhtangchkareuli@gmail.com).

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Cite: Vakhtang Chkareuli, " The Role of Government to Create “Effective Freedom” — The Fundament for Economic Development," International Journal of Innovation, Management and Technology vol. 8, no. 4, pp. 293-298, 2017.

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