Economic freedom according to Nobel laureate Milton Friedman through his TV series is denoted by equal benefit of both parties involved in a society`s economy. The existence of this freedom is characterized by the creation of great opportunities which enable an economy to produce and market its resources while respecting the rights of other parties involved in exercising their own freedom. This is one of the major benchmarks of a successful one economy and the failure of the other. The free market is responsible for bringing people together for them to collectively contribute to individual freedom which in turn develops into economic freedom. This idea has however been omitted by different corporate organizations who maintain the recommended law but whose interests are focused on their business benefit other than the stockholder`s needs.
The economic analysis
The situation of the economy in the video link indicate that most world economies do not believe in the power of economic freedom and this makes them lose out on equality and freedom. Greed is an enemy of economic growth and the society should embrace the importance of a system which shuns greed and values equal chances. In the society`s attempts of achieving stability in its economic configuration, it is expected avoid capitalism which limits production, marketing, distribution and exchange of different products to individuals groups only. For the society to be economically stable and attain economic freedom, the same must be upheld highly and this will result to equality. Friedman point out that initial steps to any society`s economy is belief in freedom itself. Freedom breaks off all limits that may hinder the growth and development of a society`s economy. This responsibility falls squarely on the government and corporate institutions to strategize and implement policies that will emphasize on the importance of freedom and its impact on economy altogether. In response to the issues addressed above, I believe that the Keynesian economic theory is applicable to every economy world over. This theory points out that economic productivity depends on the expenditures of the nation which is its demand. This demand is based on various factors like recessions and inflation. Countries should therefore be keen to identify the factors that increase productivity and minimize on its expenditures accordingly. This recipe will help it in successfully achieving the said economic freedom.
