comcourses1036981discussiontopics3678496 The Power of the Ma

.com/courses/1036981/discussion_topics/3678496 The Power of the Market El 17 Read the January 14, 2014 Wall Street Journal article: America\'s Dwindling Economic Freedom. The article is shown below. You will notice in the Index of Economic Freedom that there is a high correlation between countries with a high economic freedom rating and countries with high levels of prosperity. Is that consistent with the opinion of Dr. Friedman? Why are counties with a low economic freedom index so poor? Does this help explain why so many people wish to immigrate to America? Now that you have had an opportunity to watch The Power of the Market of Free to Choose and have read the WSJ article, post a few paragraphs(300-500 words) on one of the topics discussed. What is Milton Friedman\'s view of the proper role of law and government in a free country? To what extent do you agree or disagree with Dr. Friedman? By the way, Hong Kong is now one of the world\'s leading international financial centers and one of the richest cities in Asia. When you make your post, you might contrast Hong Kong with Detroit e in terms of economic freedom and economic prosperity. Would you prefer to live and work in Hong Kong or Detroit?

Solution

A) Economic freedom is an important component of human dignity, independence, and own empowerment. Just as significant is the fact that economic freedom provides a principle for economic progress and success. Policies that let greater freedom in any of the areas measured tend to encourage growth. Growth, in turn, is a crucial element in building lasting prosperity. As per the economist Friedman freedom itself implies and includes economic freedom. What Friedman means by economic freedom becomes clear as the argument unfolds in the book. Economic freedom means not only the right of individuals to act freely in the market, but for markets themselves to be free of government regulation. In other words, free markets, Friedman argues, are part and parcel of what liberty means in a free society. To regulate markets, by contrast, is to take away freedom. The countries that have strict policies regarding the index will remain poor as they won’t allow people to control the labour and property. Individuals are not free to work or choose their environment. Since US is one the superpower that allows economic freedom therefore people all over the world wish to immigrate here.

B) As per Friedman book Capitalism and Freedom- the range of government must be narrow. Its major function must be to guard our freedom both from the enemies outside our gates and from our fellow-citizens: to conserve law and order, to impose private contracts and to promote competitive markets. Also the government in charge must be scattered. If a person does not like how the authorities work in his society, he or she should have the right to move to another. Same is the case with government as a whole. If the government imposes strict laws that can hamper the economic freedom, it will also directly impact the nation’s prosperity. Therefore in a free country it is very necessary for the government to maintain law and order but in range so that economic freedom of its citizens in not hampered.

C) As per the latest Index of Economic Freedom, Hong Kong has retained its title as the world\'s freest economy for the even as rising political strife and civil discontent grip the financial hub .Whereas Detroit is still struggling to climb up the ladder. So keeping in mind economic freedom and current market situation, Hong would be a better option to live and work.