Public Policy Freedom
Seek to Achieve
Introduction
Economic freedom has far-reaching effects on different aspects of human development in that it provides individual liberty such as to improve the overall quality of life through flourishment of prosperity. In order to develop a new and advanced world, the public must have the courage to implement public policy to achieve economic freedom (Angulo-Guerrero, Pérez-Moreno, & Abad-Guerrero, 2017). The world must work on eliminating the obstacles that are existent in society in order to enable the energy inherent in people by creating conditions that favour individual and societal progress. In order to create a world of free men, it is pertinent to foster a policy of economic freedom that will provide a clear formula for economic success and progress as a result of government integrity, judicial efficiency, market openness, and regulatory efficiency in terms of labour and business freedom.
Economic Freedom
Public policy on economic freedom will spur growth which is an essential element in the generation of opportunities for employment and individual progress. This will not only decrease poverty in society but also build lasting prosperity by creating conducive grounds that will foster growth through increased business opportunities. As De Haan, and Sturm (2000) explain, economic freedom is an influential public policy in that it is a philosophy that embraces diversity and rejects dogma in a manner that creates strategies for economic growth. A society that is driven by economic freedom believes in autonomy, the right of citizens to direct their lives and make their own decisions. This is advantageous in that self-driven individuals have the capability and power to create products that respond effectively to the desires and needs of other citizens in the country.
Countries lack the ability to provide their citizens with perfect freedom. Although other types of freedom are equally influential, Berggren, & Nilsson (2016) explains that there is no country with the ability to offer its citizens the level of freedom and liberty they desire. However, economic freedom provides liberty in that it enables individuals, systems, and societies to develop their path to prosperity in the manner that deems most appropriate. This is because economic freedom entails the availability of individual autonomy in that it is concerned with the independence of choice in the acquisition and use of various economic products and resources. As Lawson, Murphy, and Powell (2020) explain, economic freedom provides individuals with a self-directed life that is guided by their priorities and beliefs rather than the government’s desires and needs which often serves as a foundation of fulfilling both societal and individual needs. It is through the propagation of economic freedom policy that individuals gain self-respect and independence from the ability to take care of themselves, their family and as a result of their contributions to equality and human dignity.
The absence of economic freedom means that individual activities and decisions are constrained by government regulations and societal norms. For instance, government regulations often serve as the main regulator of behavior in a market-oriented economy. These regulations are often drawn from society and often reflect the culture, history, and experience of different generations that guide individual understanding of relationships, ethics, and expectations. The constraints placed by these societal norms coupled with governmental laws and regulations often impose limitations on economic freedom, societal and individual growth. However, although government constraints limit freedom, economic freedom does not exist in the absence of government constraints but through the creation and promotion of a mutual sense of autonomy and liberty (Lawson, Murphy, & Powell, 2020). Government interference is necessary to create a foundation for promoting peaceful development, evolution, and coexistence. However, although government constraints are important, economic freedom can only get achieved through mutual cooperation between citizens and the government to enable the achievement of individual autonomy and societal growth.
The government often uses force to achieve equality in the country which equally destroys freedom and individual autonomy. Government intrusion into different spheres of economic activity often affects society as a whole. For instance, developing political judgments in the marketplace causes the diversion of entrepreneurial resources from productive activities to favour the personal interests of a few in society. Failure to make changes often results in declined prosperity, economic stagnation, and diminished productivity. Pushing a public policy on economic freedom will assist in the creation of a business environment where prosperity and entrepreneurship will flourish effectively (Hussain & Haque, 2016). This policy will have far-reaching effects on different elements of human development which will empower people and help to unleash influential forces of various opportunities and choices that nourish individual liberty and improve the quality of life in the society.
Conclusion
In order to create a world of free men, it is pertinent to foster a policy of economic freedom that will provide a clear formula for economic success and progress as a result of government integrity, judicial efficiency, market openness, and regulatory efficiency in terms of labour and business freedom. Economic freedom will create a conducive business environment where businesses will flourish owing to increased productivity and reduced societal and government constraints. Implementing a policy on economic policy will promote diverse aspects of human growth and empowerment as a result of the availability of employment opportunities and grounds that will promote business growth.
References
Angulo-Guerrero, M. J., Pérez-Moreno, S., & Abad-Guerrero, I. M. (2017). How economic freedom affects opportunity and necessity entrepreneurship in OECD countries. Journal of Business Research, 73, 30-37. https://doi.org/10.1016/j.jbusres.2016.11.017
Bennett, D. L., & Nikolaev, B. (2017). On the ambiguous economic freedom–inequality relationship. Empirical Economics, 53(2), 717-754. https://doi.org/10.1007/s00181-016-1131-3
Berggren, N., & Nilsson, T. (2016). Tolerance in the United States: Does economic freedom transform racial, religious, political and sexual attitudes?. European Journal of Political Economy, 45, 53-70. https://doi.org/10.1016/j.ejpoleco.2016.06.001
De Haan, J., & Sturm, J. E. (2000). On the relationship between economic freedom and economic growth. European Journal of Political Economy, 16(2), 215-241. https://doi.org/10.1016/S0176-2680(99)00065-8
Hussain, M. E., & Haque, M. (2016). Impact of economic freedom on the growth rate: A panel data analysis. Economies, 4(2), 5. https://doi.org/10.3390/economies4020005
Lawson, R. A., Murphy, R., & Powell, B. (2020). The determinants of economic freedom: A survey. Contemporary Economic Policy. https://doi.org/10.1111/coep.12471