What is Economic Freedom?

Answer 1

Indices of Economic Freedom

The annual surveys Economic Freedom in the World and Index of Economic Freedom are two indices which attempt to measure the degree of economic freedom, using a definition for this similar to laissez-faire capitalism, in the world's nations. These indices have in turn been used in many peer-reviewed studies which have found many beneficial effects of more economic freedom.[1][2] There are various criticisms, for example that the important part of economic freedom may be efficient rule of law and functioning property rights, than low taxes and a small state.

History
Nobel Laureate Milton Friedman and Michael Walker of the Fraser Institute hosted a series of conferences from 1986 to 1994. The goal was to create a clear definition of economic freedom and a method for measuring it. Eventually this resulted in the first report on worldwide economic freedom, Economic Freedom in the World. Later the Heritage Foundation and the Wall Street Journal created another, the Index of Economic Freedom

Economic Freedom in the World
The participants in the conferences reached a consensus that the cornerstones of economic freedom are:

Personal choice rather than collective choice,
Voluntary exchange coordinated by markets rather than allocation via the political process,
Freedom to enter and compete in markets, and
Protection of persons and their property from aggression by others.
The 2005 report states "When the functions of the minimal state—protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value—are performed well, but the government does little else, a country’s rating on the EFW summary index will be high. Correspondingly, as government expenditures increase and regulations expand, a country’s rating will decline."

In practice, the index measures:

Size of Government: Expenditures, Taxes, and Enterprises
Legal Structure and Security of Property Rights
Access to Sound Money
Freedom to Trade Internationally
Regulation of Credit, Labor, and Business
The report uses 38 distinct variables, from for example the World Bank, to measure this. Some examples: tax rates, degree of juridical independence, inflation rates, costs of importing, and regulated prices. Each of the 5 areas above are given equal weight in the final score.

Answer 2

Earning at least 10000 dollar a month .

Answer 3

It relies upon on which area of the fence you're sitting ... the fascist dictator needs own financial freedom yet on the comparable time he needs financial administration over his u . s . a . and all different voters ... !

Answer 4

For me, it is inheriting a big sum of cash and sitting on my cha-chas for awhile.