For many centuries, the topic of economic freedom and economic growth has been at the forefront of debate. Sadly though, in our country today, economic freedom is slipping into a very narrow place at the present time. Freedom seems to be a distant dream for many citizens of this great nation. With the recession plaguing us and small business on the verge of collapse, more citizens are becoming confused by the confusing and often conflicting signals coming from the political and economic fields. Is economic freedom really possible if the current trends continue? In order to understand if economic freedom is indeed achievable or if it will only remain a dream, it is important to examine the nature of freedom and how it relates to economic growth.
Simply defined, economic freedom is the ability to make money without having to work for it. This ability is considered extremely important by almost all philosophers and economists. Without economic freedom, individuals are left with only two choices starve or work to support themselves. Obviously, neither of these options is desirable. That is why nearly every nation in the world strives to maintain an economy that allows for economic freedom and economic growth.
The process of economic growth, as mentioned earlier, is based upon the operation of a free market. However, what most people do not realize is that there are many barriers to this process. Regulations, politics, special interest groups and even natural forces like climate can impede economic growth. In order to allow for true economic growth, these barriers must be overcome.
It should be noted, however, that economic freedom and economic growth are not necessarily the same thing. Economic freedom refers to the right to make investments in business or to obtain property and capital to help propel an enterprise forward. On the other hand, economic growth pertains to the overall rate of economic activity and the standard of living of individuals over a given period of time. For example, consider the fact that most people today have been living with economic restraint because they have been careful about putting their money into the stock market. If everyone took the time to do so, there would be a much greater expansion of the wealth pie.
The current economic malaise is a product of too much economic freedom and unchecked economic growth. Many people believe that the best way to achieve economic freedom and economic growth is to get rich quickly. While such an approach may work for a while, it usually does not provide long term success. If you are looking for wealth creation, an educational system that provides quality education and the knowledge necessary to succeed is often the best route.
You cannot achieve true economic freedom and economic growth without first becoming wealthy. However, wealth creation . . . . . . is only part of the overall process. The ultimate solution lies in achieving total economic freedom. Wealth creation requires an education, and the knowledge to help you find that wealth and allow it to become real, not just a dream.