Economic freedom
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Abstract
Amartya Sen argues that world development should not be judged by plain economic statistics such as GDP growth rates or income per capita. Instead he argues a form of measurement that uses a "freedom-centered understanding of economics" where the enhancements of individuals liberties is both the means and ends of development. Historical evidence, however, suggests that an excess or paucity of freedom is harmful; therefore, one should avoid total freedom and seek a balance between the two endpoints, as this seems to be the most effective social system. There is not, however, one definitive, measurable equilibrium amongst freedoms and, instead, the weighting of freedoms within a society varies according to the level of development and also fluctuates due to evolving social perceptions.
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