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In this research, the effects of the economic freedoms on the economic growth for EU and COMCEC countries at different development/income level are econometrically analyzed via panel data analysis for the period of 1996- 2014 by being considered the improvement of economic growth theories for the key determinants of economic growth. From this aspect, it is aimed at this research that to evaluate the effects of the economic freedoms on the long termed economic growth performances and income level differences of EU and COMCEC countries which have different statuses in terms of economic freedoms and income level indicators. It is determined at the end of the study that the economic freedoms have a positive and statistically significant effect on the economic growth of EU countries in investigation period, on the other hand, these freedoms have not any effect on the economic growth of COMCEC countries. Moreover, the existence of a one-way causality relation operates from economic freedoms to the economic growth in EU countries is specified while there is any causality link found between these freedoms and the economic growth for the countries in COMCEC group. All these results indicate that also the economic freedoms besides the physical human capital accumulation, in other words, whether the EU and COMCEC countries have a market economy adopts outward-oriented liberal fiscal policies plays a major role in differentiating the income levels or the economic growth performances.

Determining the factors which are effective on total factor productivity (TFP) increments include the productivity of all factors in the production process and making improvements for these factors via policies have importance concerning speed the potential growth rate up in the long term and making this sustainable. The mediumlong term determinants of TFP are examined in this research for the 1994-2015 period as econometric within the scope of new generation panel data analysis on the OECD countries who are classified as OECD-1 and OECD-2 by their income levels. From this aspect, purposed in this research that to reveal the primary determinants which cause the differentiations between OECD-1 and OECD-2 countries in terms of their long-term economic growth performances and/or income levels. Determined as a result of the research that the effect of the variables which are used to determine the medium-long term determinants of the TFP on OECD-1 and OECD-2 groups parallelly increased and decreased as long as enhancing the representation degree of the knowledge, innovation and technological development level of the variables. These results show that the differentiation of countries in OECD-1 and OECD-2 groups in terms of long-term economic growth and/or income levels is majorly rooted in indicators which are used on behalf of knowledge, innovation, and technological development.