By Robert A. Lawson
The key ingredients of economic freedom are
· personal choice,
· voluntary exchange coordinated by markets,
· freedom to enter and compete in markets, and
· protection of persons and their property from aggression by others.
These four cornerstones imply that economic freedom is present when individuals are permitted to choose for themselves and engage in voluntary transactions as long as they do not harm the person or property of others. Individuals have a right to decide how they will use their time, talents, and resources, but they do not have a right to the time, talents, and resources of others. Put another way, individuals do not have a right to take things from others or demand that others provide things for them. Use of violence, theft, fraud, and physical invasions are not permissible, but otherwise, individuals are free to choose, trade and cooperate with others, and compete as they see fit.
In an economically free society, the primary role of law is to protect individuals and their property from aggression by others. The EFW index is designed to measure the extent to which the institutions and policies of a nation are consistent with this protective function. In order to achieve a high EFW rating, a country must… (Read the full article)
Source: Mises.org
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