Economic freedom is a term used in economic and policy debates. As with freedom generally, there are various definitions, but no universally accepted concept of economic freedom. One major approach to economic freedom comes from classical liberal and Right-libertarian traditions emphasizing free markets and private property, while another extends the welfare economics study of individual choice, with greater economic freedom coming from a "larger" (in some technical sense) set of possible choices. Other conceptions of economic freedom include freedom from want and the freedom to engage in collective bargaining.
The free market viewpoint defines economic liberty as the freedom to produce, trade and consume any goods and services acquired without the use of force, fraud or theft. This is embodied in the rule of law, property rights and freedom of contract, and characterized by external and internal openness of the markets, the protection of property rights and freedom of economic initiative. There are several indices of economic freedom that attempt to measure free market economic freedom. Empirical studies based on these rankings have found higher living standards, economic growth, income equality, less corruption and less political violence to be correlated with higher scores on the country rankings.
Read more about Economic Freedom: Choice Sets and Economic Freedom, Freedom From Want, Freedom of Association and Unions
Famous quotes containing the words economic and/or freedom:
“A society which is clamoring for choice, which is filled with many articulate groups, each urging its own brand of salvation, its own variety of economic philosophy, will give each new generation no peace until all have chosen or gone under, unable to bear the conditions of choice. The stress is in our civilization.”
—Margaret Mead (1901–1978)
“[T]here is a Wit for Discourse, and a Wit for Writing. The Easiness and Familiarity of the first, is not to savour in the least of Study; but the Exactness of the other, is to admit of something like the Freedom of Discourse, especially in Treatises of Humanity, and what regards the Belles Lettres.”
—Richard Steele (1672–1729)