The Freeman 1972 - The Ludwig von Mises Institute

The Productivity ofC. LOWELL HARRISSFREEDOM is more than an end,something which in itself is ofincalculable value. Freedom is alsoa means for achieving other ends.Among the objectives which freedomhelps man achieve are thoseof his economic life.But what, really, does the term"freedom" mean in relation toeconomics? How does it relate tothe productivity of an economy?Both questions are difficult. Neitherof them am I able to answerto my own full satisfaction. Fewof the many aspects are black orwhite. Gray areas exist. The problemsare complex. The values involvedare not always in harmony.The lack of certainty does morethan compel caution in presentingconclusions. The existence of doubtalso leads to failure to recognizepoints which, it seems to me,should be more nearly clear thandebatable. My university studentsDr. Harriss is Professor of Economics at ColumbiaUniversity. This article is from an essaywritten in honor of Marco·Fanno of theUniversity of Padua in 1966.seem rarely to appreciate the significanceof some major elements.And who has not heard, manytimes and from many sources,statements to the effect that theworld's poor, "emerging" countriescannot afford freedom becauseof their desire to speed economicdevelopment? Economicfreedom, however, can make anincomparable contribution to goodeconomic performance.Freedom -The ConceptFreedom implies the absence ofrestraint. Yet we also think of itas the existence of opportunities ­the more numerous the alternativesavailable, the greater ourfreedom. As related to economicaffairs, freedom often seems tomean less, rather than more, restrictionimposed through· the politicalprocess, i.e., by government.Who will deny the validity and thepertinence of this interpretation?Denial may come from the personwho has been blessed by the op-nll2