Answer:
The phrase "laissez faire" refers to the idea that the government should let economic markets alone.
Explanation:
The term "laissez faire" is a French phrase that translates to "let it be" or "leave it alone." In the context of economics, it represents the principle of minimal government intervention in the market. The concept emerged during the 18th-century Enlightenment period and gained prominence as a guiding principle for economic policy.
Advocates of laissez-faire economics argue that markets, if left to operate freely, will self-regulate and achieve optimal outcomes. They believe that government interference, such as regulations or restrictions, can hinder the natural forces of supply and demand. Instead, proponents of laissez faire believe that individuals pursuing their self-interest in a competitive market will lead to overall economic prosperity and efficiency.
Historically, the idea of laissez faire has been associated with classical liberal economic thought, including thinkers like Adam Smith. The concept has influenced economic policies in various countries, emphasizing limited government involvement in economic affairs to promote free markets and individual economic freedom.
