Departing from the mostly skeptical view of privacy encountered in economics, we re‐evaluate privacy from the perspective of economic liberalism. We argue that freedom is fundamental to economics and conceive privacy as a specific form of freedom. We then apply the principle that freedom cannot be ‘self‐defeating’ (no one is free not to be free) to privacy. This principle requires that restrictions of freedom and, by extension, privacy be revocable. We thus develop a novel concept of privacy, which leads us to evaluate privacy favorably, and apply the revocability requirement to identify unacceptable restrictions of privacy.