laissez-faire economics

Definition

A term applied to economic principles that support a non-interventionist approach to capitalism to allow for self-interest and competition drive efficiencies in the market. A French phrase translated as "leave it be", adopted by 18th century economists to describe a position against government regulations and taxation which restrains economic activity.

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Me and my friend studied laissez-faire economics in school and wondered what was the difference between it and different kinds of economics.

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The laissez-faire economics strategy was supported by the libertarians who believed in the free market and capitalism bringing out the best of people.

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Laissez-faire economics was a part of the Senator's ideology, and she advocated for the deregulation of the oil and gas industries to better adhere to laissez-faire economics.

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