6/5/2024 Laissez-faire

"Laissez-faire" is a French term that translates to "let do" or "let it be" in English. It refers to a policy or attitude of letting things take their own course without interfering. In economics, laissez-faire typically refers to a doctrine of non-interference by government in economic affairs, advocating minimal regulation and allowing the free market to operate without restrictions. This approach suggests that the market will naturally find its own equilibrium and that government intervention can often lead to inefficiencies or unintended consequences. The term is often associated with classical liberal economic theories.