Economic liberty in the context of "Hoover Institution"

⭐ In the context of the Hoover Institution, economic liberty is considered a foundational principle alongside what other key concepts?

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⭐ Core Definition: Economic liberty

Economic freedom, or economic liberty, is 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. One approach to economic freedom comes from the liberal tradition emphasizing free markets, free trade, and private property. Another approach to economic freedom extends the welfare economics study of individual choice, with greater economic freedom coming from a larger set of possible choices. Other conceptions of economic freedom include freedom from want and the freedom to engage in collective bargaining.

The liberal free-market viewpoint defines economic liberty as the freedom to produce, trade and consume any goods and services acquired without the use of force, fraud, theft or government regulation. This is embodied in the rule of law, property rights and freedom of contract, and characterized by external and internal openness of the markets, the protection of property rights and freedom of economic initiative. There are several indices of economic freedom that attempt to measure free market economic freedom. Based on these rankings, correlative studies have found higher economic growth to be correlated with higher scores on the country rankings. Critics of this approach, such as Fredrik Carlsson and Susanna Lundström, have argued that the economic freedom indices conflate unrelated policies and policy outcomes in order to conceal negative correlations between economic growth and free-market policies, such as counting lower corruption as an indicator of economic freedom.

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👉 Economic liberty in the context of Hoover Institution

The Hoover Institution (officially The Hoover Institution on War, Revolution, and Peace and formerly The Hoover Institute and Library on War, Revolution, and Peace) is an American public policy think tank which promotes personal and economic liberty, free enterprise, and limited government. While the institution is formally a unit of Stanford University, it maintains an independent board of overseers and relies on its own income and donations. It is widely described as conservative, although its directors have contested the idea that it is partisan.

The institution began in 1919 as a library founded by Stanford alumnus Herbert Hoover prior to his presidency in order to house his archives gathered during World War I. The well-known Hoover Tower was built to house the archives, then known as the Hoover War Collection (now the Hoover Institution Library and Archives), and contained material related to World War I, World War II, and other global events. The collection was renamed and transformed into a research institution ("think tank") during the mid-20th century. Its mission, as described by Herbert Hoover in 1959, is "to recall the voice of experience against the making of war, and by the study of these records and their publication, to recall man's endeavors to make and preserve peace, and to sustain for America the safeguards of the American way of life."

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Economic liberty in the context of Small-government

Libertarian conservatism, also referred to as conservative libertarianism and, more rarely, conservatarianism, is a libertarian political and social philosophy that combines conservatism and libertarianism, representing the libertarian wing of conservatism and vice versa.

Libertarian conservatism advocates the greatest possible economic liberty and the least possible government regulation of social life (described as "small government"), mirroring laissez-faire classical liberalism, but harnesses this to a belief in a more socially conservative philosophy emphasizing authority, morality, and duty. Primarily an American ideology, libertarian conservatism prioritizes liberty, promoting free expression, freedom of choice and free-market capitalism to achieve conservative ends while rejecting liberal social engineering.

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LINKED FROM (PARENTS)
← Hoover Institution ← Small-government ← Small government ← Libertarian conservatism
LINKS TO (CHILDREN)
Agency (philosophy) → Policy debate → Philosophy of economics → Economic liberalism → Free market → Free trade → Private property → Welfare economics → Right to an adequate standard of living → Collective bargaining → Indices of economic freedom →