The New Economic Freedom

24 Pages Posted: 26 Jan 2016

See all articles by Benjamin Minhao Chen

Benjamin Minhao Chen

The University of Hong Kong - Faculty of Law

Robert D. Cooter

University of California, Berkeley - School of Law

Date Written: December 14, 2015

Abstract

The evolution from industrial to technological economies has made creativity a complement, not a substitute, for productivity. Thus, creative activity is not only intrinsically valuable as a form of self-expression, but also instrumentally valuable as a tool for enhancing our standard of living. This change requires a reformulation of economic freedom. The new economic freedom is defined by the rights that stimulate creativity and innovation in the economy. It therefore embraces some of the positive freedoms emphasized by the political left, such as health, education, and basic security, and some of the negative rights emphasized by the political right, such as property, contract, and enterprise. Both sides of the left-right spectrum should embrace economic freedom as the freedom to create and innovate, while disagreeing about the legal forms it might take.

Keywords: Economic Freedom, Economic Rights, Innovation, Creativity

Suggested Citation

Chen, Benjamin Minhao and Cooter, Robert D., The New Economic Freedom (December 14, 2015). Supreme Court Economic Review, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2720602

Benjamin Minhao Chen (Contact Author)

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

Robert D. Cooter

University of California, Berkeley - School of Law ( email )

Berkeley, CA 94720-7200
United States
510-642-0503 (Phone)
510-642-3767 (Fax)

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