Economic Freedom

Economic Freedom

Economic Freedom

Classical liberals tend to favor public policy grounded in the principle of economic freedom over policies grounded in the principle of economic control. History has shown that when people have the freedom to innovate and the incentive to seek out new solutions, and when they possess property rights that allow them to realize the benefits of those efforts, patterns of widespread prosperity and human flourishing follow. Entrepreneurial discovery in the context of market prices is, in other words, an ecosystem that generates creative solutions. Government can play a role in supporting this “ecosystem,” by, for example, providing a legal infrastructure to secure property rights and enforce contracts. That said, public policy that inhibits entrepreneurial discovery and restricts people from engaging in mutually beneficial voluntary exchange impedes economic growth and the improvements in human well-being such growth brings.

Economic Freedom Core Concept