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I think the term "liberty" is a very subjective one but one that generally might refer to an individuals´ strive towards independence and self-sustainability. Personally I view liberty as a way to enable people to make decisions that benefits them, their lives and society as a whole. But this liberty has no real value unless it is balanced in such a way that you do not cause other people harm.

I rarely look at liberty from an economic point of view, but more in term of freedom of speech, freedom of the press, strong social safety nets that aims to enable everyone the opportunity to succeed on their own terms and so on. I guess it makes my view closest to the second example you mentioned.