ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is laissez-faire? Laissez-faire is a policy of minimum governmental interference in the economic affairs of individuals and society. The doctrine of laissez-faire is usually associated with the economists known as Physiocrats, who flourished in France from about 1756 to 1778.

Detailed explanation-2: -Laissez-faire economics is a theory that says the government should not intervene in the economy except to protect individuals’ inalienable rights. In other words, let the market do its own thing. If left alone, the laws of supply and demand will efficiently direct the production of goods and services.

Detailed explanation-3: -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-4: -free trade, also called laissez-faire, a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports).

Detailed explanation-5: -The idea is that removing regulations or taxes helps put more money into the market by encouraging spending. Privatising state assets: When the government sells state assets, such as transport or postal services, this is laissez-faire economics at work.