The standard 18th century formula used by liberals to describe the purposes of government was to protect “life, liberty, and property.” Jefferson used the broader term “pursuit of happiness” instead of “property.” What did he mean by that?
I think he was referring to two related concepts. The first was economic freedom; one had the natural right to pursue any calling and to accumulate and dispose of property without facing any arbitrary interference from the government. The second pertained more to what we call First Amendment freedoms– to educate yourself, speak freely, assemble with others, and participate in political life. These concepts went beyond protecting “property” to reject vestiges of feudalism found in most European countries in 1776 and to promote the realization of individual potential.
Many of our political debates have revolved around the meaning of Jefferson’s words. To a CL, the government’s obligation is solely to avoid creating legal obstacles to business and personal growth; to a modern liberal, government has a positive responsibility to remove practical obstacles that already exist as a result of economic and social inequality. Where CLs and liberals agree, however, is on the emphasis on individual growth and rights; socialists and the “new (actually very old) right,” on the other hand, think the unit of measurement should be the health of society as a whole, not the state of each individual.