GROWTH DEVELOPMENT CHILD
GROWTH AND DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The more government intervention the better.
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The economy and society will tend to do better with less or no government interference.
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Technology is the key to growth.
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None of the answers are correct.
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Detailed explanation-1: -Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century. Laissez-faire advocates that economic success is inhibited when governments are involved in business and markets.
Detailed explanation-2: -Laissez-faire is the belief that economies and businesses function best when there is no interference by the government.
Detailed explanation-3: -The laissez-faire theory mainly advocates government non-intervention. Economic theorist Adam Smith believed that the optimal functioning of markets needed minimal government intervention.
Detailed explanation-4: -In laissez-faire policy, the government’s role is to protect the rights of the individual, rather than regulating business in any way. The term ‘laissez-faire’ translates to ‘leave alone’ when it comes to economic intervention. This means no taxes, regulations, or tariffs.
Detailed explanation-5: -Laissez faire works best for economic growth because it provides individuals with the greatest incentive to create wealth.