Freedom remains a diverse topic. In this paper, I consider economic freedom. Economic freedom refers to the liberty to produce, sell and utilize resources while allowing others to do the same. It is the basis of prosperity and explains why individuals or some countries thrive more than others. Economic freedom contributes to better standards of life and opens more opportunities (Jensen & Meckling, 2010).
Economic freedom is important in society as it affects our daily life in all aspects. Residing in an environment where the economic freedom is high leads to better earning, low levels of poverty, availability of jobs, and a safe environment among other benefits. Generally speaking it leads to well-being.
The philosophers advocate for economic freedom based on free markets and ownership of private property and argue that policies and governments that allow exchange and provide security to people and property are consistent with the principles of economic freedom. The key principles of economic freedom include individual choice, willingness of exchange of goods, competition in market and security of people and their property.
Certain factors can be used to measure economic freedom. Better living standards, low level of corruption, equality in income and political stability correlate with high levels of economic freedom. Other factors include higher literacy, accessibility to water sources, etc. Life expectancy is high in a society where economic freedom is high. It also correlates with individual happiness.
One of the institutions of economic freedom is the rule of law. The rule of law provides that everybody is treated equally by the legal rules available. This principle safeguards against harsh restrictions on freedom as it requires that both the powerful in the society and the less powerful are treated equally by the law.
Rights on private property ownership is necessary in economic freedom .It includes voluntary transfer of property and the right to make profit and regulate the property. These rights give individuals autonomy with respect to their own goals. The protection of property rights allows people to use it as they prefer.
The ability to get into contracts is an essential factor in economic freedom. It allows people to choose parties to trade. Contracts provide for individuals to come up with their own terms that befit their situations and most importantly allow for the transfer of property rights. All these are fundamental in economic freedom.
From the above discussion it is clear that for people to live quality life, it is important to upload economic freedom since it is a source of individual happiness, political stability and hence promotes democracy in society. a