Year: 2024
Type: conference-paper
Abstract: Constructal law is a rapidly expanding field in physics, biology, technology, economics, and social sciences. It states that everything that flows and moves does so with an evolutionary design. Flow configurations, patterns, and rhythms change over time to provide greater access to their streams, allowing for easier flow. The rule of law and government describe movement "with design" on Earth. In a free market system, each person freely follows their interests, ultimately maximizing the interests of society as a whole. This means that free people can choose and trade, leading to increased growth in the country. In other words, in a free market system, individual freedom is a crucial principle for the country's progress; as the Constructal law states, " for a flow system to survive over time, it must evolve freely." In this paper, we will illustrate that when economic freedom increases, the per capita production of countries rises. In other words, economic freedom leads to welfare in society.
DOI: 10.59277/clc.2024.46
Authors: AMIR NEKOUNAM, MOHAMMAD OLFATI
Institutions: Allameh Tabataba'i University, Razi University
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4407045594