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Engineering and Construction
Pages 4 (1004 words)
Name: Instructor: Course: Date: Economic Freedom Economic freedom is a concept widely used in the present day economical world. It refers to a situation whereby there are free markets and free trade that is conducted by everyone all over the place. Anyone has a right to own property since it is under free enterprise.
Studies have shown that human beings operate more efficiently when not under pressure. Freedom allows individuals to practice and fully exploit their creativity. Sociologists have linked human freedom to human creativity and have found it to be working hand in hand. The Sociologists argue that it allows for greater risks taking that would generate better ways of doing business. Economic freedom has three classical viewpoints, institutions, political and indices of economic freedom. This paper presents a discussion on economic freedom. For there to be a smooth flow of trade between parties, there are institutions of economic freedom set to achieve it. The first is the observance of the rule of law. In the application of the law, all parties are equal, and none is superior. The rule of law has obligations that ensure equality of individual in spite of any form of difference between them. Observance of the law protects traders from unfair completion. In law, two kinds of parties exist, the one with power and the other one who is governed. Both parties should act in a manner that is required of them and feel protected by the law. In as much as there is the observance of equality, it is not logical for every party to earn the same income. Equality comes in the sense of treatment of one another and not in the distribution of private resources. ...
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