Which economic principle means "free to do" and was based on the idea that the market should be free from regulation and government involvement, resulting in the creation of wealth?

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Kristopher

3 July, 13:46

Which economic principle means "free to do" and was based on the idea that the market should be free from regulation and government involvement, resulting in the creation of wealth?

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Answers (1)

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Rene · Answer 1

Laissez-Faire

Explanation:

Laissez-Faire comes from French phrase "Laissez faire, laissez passer" (let it do, let it pass). It was initially practice in the mid-18th Century and later popularized in the book The Wealth of the Nations, written by English economist Adam Smith. Laissez-Faire approach in Economics had a big influence in Classical Liberalism, Austrian School and different sides of Libertarianism.