I’ve been trying to figure out how the distinction between liberty and freedom relates to these Dylan lines:

A self-ordained professor’s tongue
Too serious to fool
Spouted out that liberty
Is just equality in school

Obviously this is foolish, which is more or less the point. It would still be absurd with freedom, but not I think quite as absurd. If freedom can be defined in terms of wealth and nutrition, it can be defined in terms of schoolyard equality. But trying to (a) analyse what is meant seriously here and what is a joke and (b) figure out how those things would change if we replaced one word with a near-synonym is beyond me at this time of the morning.