The New Palgrave Dictionary of Economics

Living Edition
| Editors: Palgrave Macmillan

Economic Freedom

  • Alan Peacock
Living reference work entry
DOI: https://doi.org/10.1057/978-1-349-95121-5_34-1

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

Keywords

Economic Freedom Lorenz Curve Factor Service Inheritance Taxation Work Alienation 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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Copyright information

© The Author(s) 1987

Authors and Affiliations

  • Alan Peacock
    • 1
  1. 1.