The phrase "lassez-faire" comes from the French and means "to allow to do."
In Economics, it implies that the governments and the law should not interfere with business, finance, or people's working lives. That it should let them be and not get involved.
What is laissez-faire ?
- The economic philosophy of letting business and industry owners determine working conditions without government interference is known as laissez faire.
- This strategy supports an unrestrained free market. The phrase translates from French to mean "let do," and thus, "let people do as they please." Mr. Smith
Why is laissez-faire theory important?
- In a free-market system, businesses have more freedom from restrictions imposed by the government that would make conducting business more challenging.
- Companies are more willing to take chances and invest in the economy in such an environment.
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