laissez-faire

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Related to laisser faire: Laissez-faire capitalism

Laissez-Faire

A term describing an economic theory that promotes government non-intervention. Laissez-faire theory states that most government interventions make an economy less efficient and hamper growth. According to this, government ought to restrict itself to safeguarding the right to private property. In its extreme form, it is opposed to any law limiting economic activities short of theft or extortion. Laissez-faire economists are philosophically opposed to minimum wages, protectionism, antitrust laws, and most laws intended to benefit workers at the expense of employers. Proponents of laissez-faire economics argue that it benefits employers and workers alike. For example, a man may open a mechanic shop to make money for himself, but, in the process of doing so, he may hire otherwise unemployed mechanics and service otherwise broken cars, which then facilitates business for the rest of the community. If there were environmental or wage restrictions on his business, however, he might not hire as many employees and may not start the mechanic shop at all. Critics of the theory contend that its benefits are overstated and that a laissez-faire structure without regulation lends itself to the creation of bubbles, which harms both businesses and their employees. See also: Reaganomics, Invisible Hand, Keynesian economics, Marxism, Regulation.

laissez-faire

Of, relating to, or being an economy devoid of government interference.

laissez-faire

an economic doctrine that emphasizes the superiority of‘free’ markets (see PRICE SYSTEM) over state regulation of individual markets and of the economy in general. Proponents of laissez-faire argue that a PRIVATE-ENTERPRISE ECONOMY will achieve a more efficient allocation and use of scarce economic resources and greater economic growth than will a CENTRALLY PLANNED ECONOMY where the government owns and directs the use of resources. This inference is based on the rationale that private ownership of resources and maximum freedom to deploy these resources in line with profit signals will create strong incentives to work hard and take risks. State bureaucracies, on the other hand, can tend to stifle enterprise and initiative. See CLASSICAL ECONOMICS, RATIONALIZATION, PRIVATIZATION.
References in periodicals archive ?
En adoptant le projet de loi nA 19-12 organisant l'emploi et le travail des domestiques, le gouvernement actuel a fait un grand pas en avant en vue de mettre de l'ordre dans un secteur jusqu'ici domine par le laisser aller et le laisser faire.
Chaque annee, on se jure de ne plus se laisser faire, on se laisse quand meme prendre devant le choix de l'embarras.
Les proteges du technicien francais Philippe Carrara ne vont pas se laisser faire reprenant le controle du match.
Les joueurs de Boualem Charef ne comptent pas se laisser faire et pretendent, eux aussi, a un bon resultat pour esperer decrocher une place qualificative a la coupe arabe.
Les Mouloudeens qui pointent juste derriere, soit a deux longueurs, n'entendent pas se laisser faire.
Ces derniers doivent faire face a une grande opposition de la part de Brahmia qui ne compte pas se laisser faire.
Ce cheikh, qui a affirme a plusieurs reprises que le mouvement chiite utilisait des appartements a Abra (une banlieue de Saida) pour cacher des armes et des combattants, refuse de se laisser faire.
Cependant, les Sang et Or drives par l'ancien entraEneur adjoint de l'equipe nationale, Zoheir Djelloul, ne comptent pas se laisser faire.