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Olaf Kellerhoff lectures on economic freedom
October 21, 2010
The School of Professional Advancement (SPA) invited Olaf Kellerhoff, country representative Friedrich Naumann Foundation, Germany, to lecture on “economic freedom and its impact on general welfare: how poor people can benefit from property rights”. The event started with recitation of some verses from the Holy Quran.

Khalil A Arbi, Assistant Professor SPA, provided a brief of the topic, introduced the guest speaker and highlighted the work of the Friedrich Naumann Foundation in Pakistan. He said that the topic has been selected for its broader significance for business education students as they are likely to be in decision-making positions affecting lives of ordinary Pakistanis, especially the poor, in the coming years.

The lecture highlighted the importance of economic freedom in the context of the current economic situation in Pakistan. Students came to know how the freedom of choice in the market is important for all the market actors (whether consumers or producers) and yields benefits for them. Olaf Kellerhoff explained in detail the notion of economic freedom. He said that economic freedom comprises of a number of components, the most important being personal choice, voluntary exchange, freedom to participate and compete in markets, and protection of people and property from aggressors. He discussed in detail the role of property rights in economic freedom and its significance in the Pakistani context. Kellerhoff explained why Pakistan has slipped down in the Economic Freedom Index.

The discussion generated great interest among the students. At the end of the lecture, students came up with many thought provoking and incisive questions. Interacting with the students later, Olaf said that he was pleasantly surprised at the active interest of the students in the principles of economic freedom. He also expressed a keen desire to visit UMT again.
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