Question: What Is Laissez Faire?
a. Mixed economy
b. Non-interference of government in economics affairs
c. Controlled-economy
d. None of these
Show Answer
Non-interference of government in economics affairs
Laissez-faire is an economic philosophy advocating minimal government intervention in the market and business affairs. Rooted in the belief that free-market forces, driven by supply and demand, should regulate the economy, it promotes individual freedom and limited regulation, allowing businesses to operate with autonomy. This approach assumes that markets are self-correcting and capable of achieving efficiency without external controls.