The Index of Economic Freedom offers a time-tested formula for sustained economic growth. Grounded in the classical liberal economic theories of Adam Smith and Friedrich Hayek, the Index promotes economic policies that:
- Put the individual first and allow people to decide for themselves what is best for their own well-being and that of their families;
- Recognize that the free market is the only reliable predictor of the real prices of goods, labor, and capital;
- Use government to shape a fair and secure environment, protect private property and the value of money, enforce contracts, and promote competition, but not to produce or sell goods and services; and
- Emphasize openness to international trade and investment as the surest paths to increased productivity and economic growth.
A government that limits its involvement in economic activity consistent with these principles maximizes opportunities for individuals to reach their full economic potential and promotes the greatest levels of prosperity and human well-being for society as a whole.
Heritage Foundation 2009 Executive Summary (pdf)
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