We know that, for economies to thrive, people must be free to start their own businesses without taxing regulations, that free trade must be the de facto means of doing business, and that cronyism and corruption must be eradicated.
But that’s not enough.
At the Institute for Faith, Work & Economics, blogger (and former Acton intern) Elise Amyx says we have to have human flourishing as well.
Economic freedom is only one component of human flourishing. We should think about it as a prerequisite, a necessary foundation to society that makes human flourishing possible.
We need to ask ourselves, once we have economic freedom, what do we do with it?
Economic freedom may be the number one force wiping out extreme poverty across the globe, but it can’t do the job alone.
In a free society, we also need a culture of creativity, a culture of voluntary generosity, and a culture virtue and in order for humanity to flourish.
In a culture of creativity, the entrepreneurial spirit thrives and business prospers.
Not only is human creativity a part of our Imago Dei, it is the source of wealth creation and therefore a necessary component for human flourishing.
Amyx reminds us that we cannot sit back and let the market “do the work.” We are the market, and it is only in an atmosphere that encourages human creativity that we truly flourish.
Read “Economic Freedom Is Not Enough for Human Flourishing” at the Institute for Faith, Work & Economics.