Economic freedom is a term used in economic and policy debates. As with freedom generally, there are various definitions, but no universally accepted concept of economic freedom. One major approach to economic freedom comes from classical liberal and libertarian traditions emphasizing free markets and private property, while another extends the welfare economics study of individual choice, with greater economic freedom coming from a "larger" (in some technical sense) set of possible choices. Another more philosophical perspective emphasizes its context in distributive justice and basic freedoms of all individuals. Other conceptions of economic freedom include freedom from want and the freedom to engage in collective bargaining.

The free market viewpoint understands economic liberty as the freedom to produce, trade and consume any goods and services acquired without the use of force, fraud or theft. This is embodied in the rule of law, property rights and freedom of contract, and characterized by external and internal openness of the markets, the protection of property rights and freedom of economic initiative. There are several indices of economic freedom that attempt to measure free market economic freedom. Empirical studies based on these rankings have found higher living standards, economic growth, income equality, less corruption and less political violence to be correlated with free markets.

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."

Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy.

Johan Norberg (born 27 August 1973) is a Swedish author and historian, devoted to promoting economic globalization and liberal positions. He is arguably most known as the author of In Defense of Global Capitalism. Since March 15, 2007 he has been a senior fellow at the Cato Institute.

Johan Norberg was born in Stockholm, the son of former Swedish National Archivist Erik Norberg and his wife Birgitta. He grew up in the suburb of Hässelby in northern Stockholm. In his youth, Norberg was active as a left-anarchist but later abandoned those views and became a classical liberal. According to the biography given at his personal website, Norberg was disillusioned with the anarchist view of liberty when he discovered the collectivist themes in the major anarchist works, and was unable to sympathize with the pre-industrial society which its anarcho-primitivism promoted. This realization made him embrace classical liberalism, which he felt "took freedom seriously". He studied at Stockholm University from 1992 to 1999 and earned a M.A. with a major in the history of ideas. His other subjects included philosophy, literature and political science. During his time at Stockholm University he was active in the libertarian network Frihetsfronten ("the Liberty Front") and was the editor of its journal Nyliberalen ("The Neoliberal"/"The Libertarian") from 1993 to 1997.