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Economic Freedom

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The New Palgrave Dictionary of Economics

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Abstract

Economic freedom describes a particular condition in which the individual finds himself as a result of certain characteristics in his economic environment. Taking a simple formulation of decision-making in which it is assumed that the individual maximizes his satisfaction both as a consumer of private and government goods and services and as a supplier of factor services, his position may be depicted as follows:

$$ \mathrm{Max}\;{U}^i={U}^i\left({x}^i,{q}_k,{a}^i\right) $$

This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman

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  1. http://link.springer.com/referencework/10.1007/978-1-349-95121-5

    Alan Peacock

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  1. Alan Peacock
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    © 1987 The Author(s)

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    Peacock, A. (1987). Economic Freedom. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_34-1

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    • DOI: https://doi.org/10.1057/978-1-349-95121-5_34-1

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    • Publisher Name: Palgrave Macmillan, London

    • Online ISBN: 978-1-349-95121-5

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