ECONOMICS
ECONOMIC DEVELOPMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rowstow
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Keynesian
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Classical
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Lewis
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Detailed explanation-1: -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: -The period of classical political economy has often been seen as an age dominated by the principles and policies of laissez-faire, where the role of the state is limited to little more than ‘the protection of person and property against force and fraud’ both internally and externally.
Detailed explanation-3: -Laissez-faire economics is a theory that says the government should not intervene in the economy except to protect individuals’ inalienable rights. Laissez-faire policies need three components to work: capitalism, the free market economy, and rational market theory.