laissez-faire

(redirected from laissez faire)
Also found in: Dictionary, Thesaurus, Legal, Idioms, Encyclopedia, Wikipedia.
Related to laissez faire: Laissez Faire Leadership

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 ?
The interaction effect of meta-cognitive knowledge and perceived laissez faire teaching style and the interaction effect of meta-cognitive regulation and perceived laissez faire teaching style has significant moderating effect along with explaining 23% to 47% variance in relationship with study habits, IR2=.30.
Considering the results and conclusions it is recommended that the democratic style of leadership should be supported and used by all principals in their administrative responsibilities rather than autocratic or laissez faire style.
Autocratic, laissez faire and participative leadership styles have a positive influence on strategy implementation (sub hypothesis A, C and D).
This study contributes to literature through identifying which leadership style (Autocratic, Democratic, or Laissez faire) is prevalent in telecom companies and subsequently list the recommendations for the telecom companies from the study's findings.
The real lesson from Hoover's career is the failure of intervention, not his supposed laissez faire.
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.
To defend this harsh conclusion, it is necessary to recap in brief form the main principles of laissez faire theory, with its economic, institutional, and constitutional dimensions.
Though limited to one region of France, Hirsch's work suggests in turn a new understanding of those catch-alls of nineteenth-century thought: liberalism, laissez faire, and individualism.
Cameron Staples (D-New Haven), the act's sponsor, championed this proposal because in Connecticut "the only law on home schooling requires parents to let local school districts know that they plan to teach their children at home." Apparently, this approach was too laissez faire for the lawmaker, and one wonders what Staples would do if he were in Oklahoma, where there is no requirement for parents to initiate contact with the state if they choose to homeschool their children.
Popes Leo XIII and Pius XI both decried "economic imperialism" that resulted from laissez faire capitalism's tendency to concentrate wealth in the hands of a few, and the U.S.
The most exuberant members of this group--Steve Forbes again comes to mind--argue that laissez faire will automatically produce what Kennedy described--the rising tide that lifts all boats.
McCurdy, Justice Field and the Jurisprudence of Government-business Relations: some Parameters of Laissez Faire Constitutionalism, 1863-1897, 61 J.