We measure economic freedom based on 12 quantitative and qualitative factors, grouped into four broad categories, or pillars, of economic freedom: Rule of Law (property rights, government integrity, judicial effectiveness) Government Size (government spending, tax burden, fiscal health)

3. Regulatory Efficiency (business freedom, labor freedom, monetary freedom)

4. Open Markets (trade freedom, investment freedom, financial freedom)

Explanation:

Economic freedom refers to the capability of all citizens to possess labor and productivity and freely engage in their businesses without interference from their government. Greater economic freedom translates to greater wealth and affluence of nations. On a yearly basis, the Index of Economic Freedom computes the economic freedom of nations based on the 12 quantitative and qualitative factors, namely,

1. Regulatory Efficiency (business freedom, labor freedom, monetary freedom)

2. Open Markets (trade freedom, investment freedom, financial freedom)

3. Regulatory Efficiency (business freedom, labor freedom, monetary freedom)

4. Open Markets (trade freedom, investment freedom, financial freedom).

These are measured on a scale of 0 to 100. The average score is determined while giving equal consideration to all the factors. The result of the computation is the economic freedom of the nation.

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