laissez-faire

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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 ?
Accepting Hoover's role as the Father of the New Deal would challenge the fundamental argument at the core of their preferred narrative that laissez faire made matters worse during the Depression and that government intervention was the solution.
Laissez Faire also publishes a book list and review guide through which its 100,000-plus customers may browse and order books on libertarian thought.
Since the acquisition by Agora Financial in late 2010, Laissez Faire Books has developed a plan to pick up where the company left off in the mid-90s.
The hummingbird-whitefly incident was meant to illustrate Brenzel's laissez faire philosophy on pest control, which is encompassed by the timeworn but ever true maxim: ``Let nature take its course.
To restructure, the Company has dividend the Common Stock of its four subsidiaries, Whistett Oil, Texas - Nevada Oil & Gas, Med-X and the Laissez Faire Group, to the shareholders.
He attempts to reinvigorate the political theory of laissez faire "not by restating its narrow anti-fraud conception, but by expanding it to accommodate hold-out and coordination problems.
I bring something out people can relate to, drawing people in with a bad guy that isn't laissez faire.
The earlier practice of cinematic laissez faire was portrayed as financially unstable and irresponsible.
It's not just allowing laissez faire to completely control it.
Meanwhile, the closest approximation to actually existing laissez faire, Hong Kong, is about to be swallowed by Communist China.