Economic Freedom

Lester Hadsell ()
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Lester Hadsell: University at Albany, State University of New York, Department of Economics

Chapter 11 in Social Economies, 2026, pp 165-176 from Springer

Abstract: Abstract The fourth goal in Part II of Social Economics is economic freedom—choice of where, when, and how much to work; what to buy or sell and for what price; what profession to pursue or business to operate as one sees fit. The extent of economic freedom has strong social and political influences and implications. Multiple views of economic freedom are presented. For example, some accept that freedoms based on property rights and individual choice are important, but only if one is able to actualize them. The freedom to buy anything one wants, restricted only by one's income, is terrific for someone with a sufficient income but is not at all salient for someone with no means of earning the required income. Nor is income all that is required for one to have the ability to express freedom of choice in markets. Political freedom, freedom from discrimination, and so on are also required. This concept of freedom, the capability approach, asserts that freedoms are valuable only to the extent that people are capable of exercising those freedoms. Economic freedom cannot stand alone. Variation in preferences for economic freedom from individual to individual and state to state is examined. California is compared to Florida, showing a large overlap in residents’ views of freedom.

Keywords: Economic freedom; Choice; Milton Friedman; Amartya Sen; Labor markets; Capability approach; Decision fatigue; Information asymmetry; Happiness (search for similar items in EconPapers)
Date: 2026
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DOI: 10.1007/978-3-032-21916-9_11

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