Question

Economic freedom has two components, what are they, and list two concepts for each.

Answer 1

Economic freedom is the ability to prosper through the free exercise of economic activity while letting others do the same.

(1) Property Rights: Clear and well-defined rules of authority that determine how a resource is used should be free from corruption and fully enforced by the state to allow us to confidently improve or invest in our private property and ideas.

(2) Rule of Law: Concise, consistent and systematic enforcement of three fundamental democratic principles: supremacy of law, equal protection under the law and impartial enforcement for infractions of the law, provide us all with a clear understanding of available options and empowers us to better plan our choices.