The dual nature of economic liberty

Eric A. Scorsone

Chapter 3 in Research Handbook on Law and Political Economy, 2025, pp 37-50 from Edward Elgar Publishing

Abstract: Economic liberty has been emphasized by many economists and philosophers as key to a liberal society and even economic prosperity since at least the time of Adam Smith in the 18th century. The general idea is that consumers are given the ability to make choices that they will make selections based on their own preferences and this will maximize the overall welfare of society. However, another foundational idea of the liberal political economy is that property must be established and owned so that these choices can be made. Taking the perspective of the early 20th century legal scholar Wesly Hohfeld, the inherent nature of property and property rights means that there is always a dual nature to rights. The right of one to act or forebear to act means another is denied rights and may have a duty to do or not do something. Thus, economic liberty is inherently dual in nature. The libertarian economists like Hayek, Buchanan and Freidman explicitly and implicitly recognize this dual nature of property rights in their discussions of the structuring of society and property rules. In the end, economic liberty means making choices about who has rights and who has duties and economic efficiency can’t provide a value free answer to this choice.

Keywords: Libertarianism; Public choice economics; Institutional economics; Liberty (search for similar items in EconPapers)
Date: 2025
ISBN: 9781803921181
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