Last month, the Nobel committee announced that Liberian President Ellen Johnson Sirleaf, the first woman to be freely elected president of any African country, was awarded the 2011 Nobel Peace Prize. She shares this honor with fellow women's rights activists Tawakkul Karman of Yemen and Leymah Gbowee, also of Liberia. All three have had a profound impact in furthering economic progress, social freedoms and human rights for all citizens.

Their recognition has brought renewed, worldwide attention to women's persistent struggle for equality of opportunity and personal security. As world citizens, we should feel compelled to discover what laws and institutions best empower women in their pursuits of true self-determination, enabling them to contribute their considerable talents to benefit society.

Empirical research has shown that advances in women's welfare and empowerment have been much greater among those countries that have well-established private property rights, maintained a consistent rule of law and relied more upon the free market process to allocate productive resources in the economy. In other words, worldwide data show that women's well-being and opportunity are best enhanced by the presence of economic freedom.

My contributing research to the 2011 Economic Freedom of the World Report, an annual international study released by the Fraser Institute, examined data from more than 100 nations. It revealed stark contrasts in the level of empowerment and well-being of females living in nations with greater economic freedom versus nations with less. For example, compare a young girl growing up in one of the 25 least economically free countries in the world to the same girl growing up in one of the 25 freest countries.

The girl living under the least economic freedoms faces far greater challenges in maintaining her health and acquiring the human capital she needs to pursue a rewarding life path of her own choosing. She is a third less likely to achieve adult literacy, four times more likely to have her first child during her teen years, 25 percent less likely to have access to prenatal and postnatal health care and 20 times more likely to die in childbirth.

The girl living under the most economic freedom is better situated to acquire human capital and shape her own path in life. She is twice as likely to complete a secondary education, will be much more likely to own a business and she will see nearly twice the ratio of female role models elected to her nation's parliament. She will also have an additional 20 years of life to contribute to society and enjoy the fruits of her life choices.

Additionally, the data reveal that regardless of a nation's level of economic prosperity, greater economic freedom in society narrows the stubborn gaps that exist between female and male measures of literacy, educational attainment, unemployment rates and business ownership.

We will surely continue to observe more heroic successes from strong women of great character who devote their lives to fighting sex discrimination and advocating greater human rights in the most oppressive of countries. Yet worldwide data show us that the most effective gains in women's well-being and empowerment are made possible in those countries that choose to create and preserve the greatest level of economic freedoms in society.

The world's attention has been drawn to President Sirleaf's re-election bid. The time is right for the citizens of the world to push for greater economic freedoms in society.

As a proud father of a bright and promising teenage daughter, I look forward to a world where even more women leaders are recognized with Nobel Prizes for their contributions to the human and physical sciences, as the opportunities for women to leave their mark in this world increase along with their freedoms.

Stroup is a professor of economics at Stephen F. Austin State University.