Laissez-faire Economics

Laissez-faire economics is a principle advocating for minimal government intervention in the market. It emphasizes that individuals and businesses should operate freely, with limited regulations and taxes. Proponents, often aligned with libertarianism, believe that this approach fosters competition, innovation, and efficiency, leading to better products and services at lower prices. They argue that when the government stays out of economic activities, it allows people to make their own choices, promoting personal freedom and responsibility. However, critics warn that without regulation, inequalities and market failures can arise, potentially harming consumers and society as a whole.