Economic Freedom

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

Other articles related to "economic freedom, freedom, economic":

Capitalism And Freedom - Chapter Summaries
... The Relation between Economic Freedom and Political Freedom In this chapter, Friedman promotes economic freedom as both a necessary freedom and also as a vital means for political freedom ... Additionally, economic freedom is important, since any "bi-laterally voluntary and informed" transaction must benefit both parties to the transaction ... in the Civil Rights Act of 1964), as these inhibit the freedom to employ someone based on whatever qualifications the employer wishes to use ...
Indices Of Economic Freedom
... A number of indicators of economic freedom have been proposed ... constructed, the purposes to which they have been put and the conception of economic freedom they embody ...
State Media - Consequences of State Ownership - Economic Freedom
... More independent media may benefit the public economically compared to state media ... The media would supply more accurate information to improve the markets, which are particularly sensitive to information, allowing insight into corporate abuse of power and pricing of securities, leading to better performance and regulation ...
Economic Freedom - Freedom of Association and Unions
... their material well-being and their spiritual development in conditions of freedom and dignity, of economic security and equal opportunity" ...
Liberal Democracy - Issues and Criticism - Economic Growth and Financial Crises
... measured for example with one the several Indices of Economic Freedom which has been used in hundreds of studies by independent researchers, increases economic growth and ... are individual exceptions like Mali, which is ranked as "Free" by Freedom House but is a Least Developed Country, or Qatar, which has arguably the highest GDP per capita in ... are also other studies suggesting that more democracy increases economic freedom although a few find no or even a small negative effect ...

Famous quotes containing the words freedom and/or economic:

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    Malcolm X (1925–1965)

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