Equality, Liberty, and Prosperity

Equality of opportunity is difficult to behold, nearly impossible to measure, and likely impossible to achieve in the strictest sense of the term. Economic freedom is the nearest practical approximation of equality of opportunity, if only for the reason that it is impossible to ensure that each person is born into the exact same set of circumstances and subject to the exact same events. In short, economic freedom is the closest humans can come to equality of opportunity without suspending the laws of random chance. Like equality of opportunity, economic freedom cannot be measured directly, but its manifestations are more easily enumerated and measured: less government spending, less regulation, fewer labor restrictions, less public corruption, more protections for private property. 

Read more at Cambridge.org.