Critical Analysis Essay about economy Example | Topics and Well Written Essays - 750 words

Critical Analysis about economy - Essay Example According to the author, countries poorly ranked on the Index of Economic Freedom risk high unemployment, deteriorating social conditions and economic stagnation. Miller attributes this poor performance by America to the Obama administration’s economic restraining regulations on critical sectors such as energy, finance and healthcare which impede not only personal freedom but also national prosperity. While America lags behind, other countries are fast striving to achieve economic freedom as it promotes economic growth, social progress and long term prosperity. This has seen 114 nations adopt strategies in the past year geared towards this objective with 43 achieving the highest ranking of economic freedom in the history of the ranking. With the 2014 Index of Economic Freedom showing a global race towards enhancement of economic opportunities courtesy of greater freedom, the article finds no excuse for America’s exclusion from the same pursuit. Indeed, restraint on econ omic freedom would worsen America’s economic woes. Measurement of economic freedom relies on indicators such as business regulation, property rights security and fiscal soundness among others. They also include voluntary exchange, personal choice, protection of property and persons and competition freedom. According to Gwartney and Lawson, economic freedom promotes the choice of individuals on the type and process of production of goods and services (406). However, such rights of these individuals do not extend to others but only govern their choices. Institutions and policies also would be consistent with this freedom, allowing for voluntary exchange and protections of people and their property as argued by Miller. Therefore, the government would promote economic freedom by providing legal structures protect property rights of owners. Indeed, economic freedom has been noted as a critical factor for economic growth. Just as Miller argues that economic freedom enables