What is "Laissez-faire"?
Answers
Laissez-faire is an economic system in which transactions between private groups of people are free from or almost free from any form of economic interventionism such as regulation and subsidies.
Answer:
Laissez-faire, policy of minimum governmental interference in the economic affairs of individuals and society.
Explanation:
Belief in laissez-faire was a popular view during the 19th century. Its proponents cited the assumption in classical economics of a natural economic order as support for their faith in unregulated individual activity. The British philosopher and economist John Stuart Mill was responsible for bringing this philosophy into popular economic usage in his Principles of Political Economy (1848), in which he set forth the arguments for and against government activity in economic affairs.
In other words, let the market do its own thing. If left alone, the laws of supply and demand will efficiently direct the production of goods and services.1 Supply includes natural resources, capital, and labor. Demand includes purchases by consumers, businesses, and the government.