Abstract
This chapter provides a detailed review of the literature on the relationship between economic freedom and welfare. The literature, including the most recent work by both theoretical and empirical social scientists, does not provide a unanimously positive answer to the main question in this book: Did more economic freedom produce more welfare? The literature is reviewed on two levels: first, the overall impact of economic freedom on income per capita, consumption per capita, life expectancy and income inequality; second, the impact of separate economic freedom policies and reforms on welfare. The impact of reforms is studied in the following five policy areas: size of government, property rights, sound money, freedom to trade, and government regulation.
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