11 Facts About Economic freedom


One approach to economic freedom comes from the liberal tradition emphasizing free markets, free trade, and private property under free enterprise.

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Liberal 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, theft or government regulation.

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Economic freedom commented that centralized control of economic activities was always accompanied with political repression.

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Economic freedom argues that this is especially true when it comes to sub-indices relating to property rights and sound money, while he calls into question the importance of sub-indices relating to labor regulation and government size once certain threshold values are passed.

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Amartya Sen and other economists consider economic freedom to be measured in terms of the set of economic choices available to individuals.

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Economic freedom is greater when individuals have more economic choices available – when, in some technical sense, the choice set of individuals expands.

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Differences between alternative views of economic freedom have been expressed in terms of Isaiah Berlin's distinction between positive freedom and negative freedom.

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One measure which attempts to assess Economic freedom in the positive sense is Goodin, Rice, Parpo, and Eriksson's measure of discretionary time, which is an estimate of how much time people have at their disposal during which they are free to choose the activities in which they participate, after taking into account the time they need to spend acquiring the necessities of life.

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Roosevelt stated that freedom from want "translated into world terms, means economic understandings which will secure to every nation a healthy peacetime life for its inhabitants-everywhere in the world".

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Socialist view of economic freedom conceives of freedom as a concrete situation as opposed to an abstract or moral concept.

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Generally, countries with higher economic freedom have higher gross domestic product per capita and its growth rates, as well as better health care, education quality, environment protection, income equality, and happiness results.

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