Question

Laissez - Faire policy advocates minimum state intervention in the market economy. (State True or False)

Answer 1

The statement is TRUE that Laissez - Faire policy advocates minimum state intervention in the market economy. This can be explained as follows:

Explanation: Laissez - Faire refers to that economic philosophy which represents the situation of free market. This means that there will be no government interference in the working of the economy. It will be determined or worked as per the demand and supply in the market.

Principles:

• It is self regulatory system.
• Individual exercises full rights.
• Individual is the key unit of the society.

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Answer 2

“Laissez-Faire policy advocates ‘minimum state intervention’ in the market economy” is a TRUE statement.

Explanation:

• Laissez-faire is a theory in economics that advocates restriction of ‘government intervention’ in the economy.  

• They believe that the markets should be left alone and the laws of ‘supply and demand’ will direct the production of various goods and services within an economy.  

• According to them, the government is only protecting the rights of individuals.

• Their policy requires only three things and that includes a free-market economy, a rational market economy, and capitalism.

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