Freedom in economic, as well as in personal, life requires government and the restraints it imposes. The preservation of order and the enjoyment of personal rights cannot exist without curbs on action, curbs which limit opportunity but which operate under law. In a broader sense, however, a body of law which compels men to respect their obligations is a source of freedom and opportunity. The legal system makes possible the contracts and arrangements which are indispensable for specialization and capital accumulation. The essentials of advanced economic life require the governmental imposition, and enforcement of law.
Government acts in another way to create, while also restraining, economic freedom.
Restrictions against the pollution of air and rivers or inappropriate uses of land provide example. Personal and business activity need to be controlled to reduce adverse effects on persons who are not parties to the transactions. Curbs on some freedoms are necessary to assure the existence of others. Their frequency and extent, however, ought not to get predominant attention. The central issues deserve attention and most need to be understood.