Freedom over Equity in the Realm of Economics
Intro
“Our faith in freedom does not rest on the foreseeable results in particular
circumstances but on the belief that it will, on balance, release more forces for the good than
for the bad.”1 So spoke the renowned twentieth century economist Friedrich Hayek.
It is because I believe that freedom produces far more necessary good than equity that I stand
resolved: In the realm of economics, freedom ought to be valued above equity.
Denions
In order to understand the resolution, I’d like to start o( with some de)nitions:
Economics – “The science that deals with the production, distribution, and consumption
of goods and services, or the material welfare of humankind.”2
Economic Freedom – “The freedom to choose how to produce, sell, and use your own
resources while respecting other’s rights to do the same.”3
Equity – “In its broadest and most general signication, this term denotes the spirit the
habit of fairness, justness, and right dealing which would regulate the intercourse of
men with men.”4
Fair – “Reasonable and morally right.”5
