Thanks for your question, Emilie. There is not one single answer for these questions. There are justifications for numerous positions and perspectives. With an understanding of the inter-relationship of these goals, though, we can see the effect of making one primary over another. For example:

From the Micro-economic viewpoint, the goals of efficiency and equity are generally regarded as most important. (The other three are most important to a Macro-economic viewpoint.) Of the two, it is debatable which is of more importance.

Equity calls for a fair distribution of wealth and income in a society, although what constitutes "fair" is not easily identified. (Is it purely socialist in that everyone shares equally in all, or is it more a question of everyone getting just what they need?) As a primary goal, equity would most impact freedom, since freedom would entail a person's ability to improve their economic standing.

Efficiency is defined as the greatest amount of satisfaction from the available resources. This concept is difficult to identify in practice -- you cannot point to an economic model and be able to say with certainty that it displays maximum efficiency. Efficiency is also most impacting on freedom, since by definition it represents the best (and only) uses of available resources and so limits individual freedoms.

Professor Cram