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Office of War Information war poster (1941–1945). " Life, Liberty and the pursuit of Happiness " is a well-known phrase from the United States Declaration of Independence. [1] The phrase gives three examples of the unalienable rights which the Declaration says have been given to all humans by their Creator, and which governments are created ...
t. e. Economic freedom, or economic liberty, refers to the agency of people to make economic decisions. This is a term used in economic and policy debates as well as in the philosophy of economics. [1] [2] One approach to economic freedom comes from the liberal tradition emphasizing free markets, free trade, and private property.
This political power then quickly translates into legislation that increases the concentration of wealth. Hence, fiscal policy like tax policy, deregulation, rules of corporate governance and a whole variety of political measures increase the concentration of wealth and power which, in turn, yields more political power to the rich.
Hence, wealth provides mobility and agency—the ability to act. The accumulation of wealth enables a variety of freedoms, and removes limits on life that one might otherwise face. Federal Reserve data indicates that as of Q4 2021, the top 1% of households in the United States held 32.3% of the country's wealth, while the bottom 50% held 2.6%.
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330.12/2 21. LC Class. HB501 .F7 2002. Capitalism and Freedom is a book by Milton Friedman originally published in 1962 by the University of Chicago Press which discusses the role of economic capitalism in liberal society. It has sold more than half a million copies since 1962 and has been translated into eighteen languages.
The Philosophy of Money (1900; German: Philosophie des Geldes) [1] is a book on economic sociology by German sociologist and social philosopher Georg Simmel. [2] Considered to be the theorist's greatest work, Simmel's book views money as a structuring agent that helps people understand the totality of life. [2]
Libertarian paternalism is the idea that it is both possible and legitimate for private and public institutions to affect behavior while also respecting freedom of choice, as well as the implementation of that idea. [1] [2] The term was coined by behavioral economist Richard Thaler and legal scholar Cass Sunstein in a 2003 article in the ...