This chapter analyses the European Court of Human Rights case of Hertel v Switzerland to address whether an economic analysis of law would be the correct approach for assessing the legitimacy of primarily non-economic societal values. With respect of the jurisprudence of the European Court of Human Rights on the freedom of expression and information, as protected under Article 10 § 2 of European Convention of Human Rights, it assesses the "margin of appreciation" accorded to Contracting States of the Convention and the relationship this has with commercial and non-commercial speech. Against this backdrop it is argued that the Hertel case shows mainly two things: First, that from the point of view of Article 10 ECHR non-commercial speech enjoys stronger protection than commercial speech. Second, that granting deference towards national authorities is a methodological means to implement this hierarchy in relevant cases.