Laissez-faire Economy (Noun)
Meaning
An economy that relies chiefly on market forces to allocate goods and resources and to determine prices.
Classification
Nouns denoting groupings of people or objects.
Examples
- The country's government adopted a laissez-faire economy, allowing businesses to operate with minimal regulation and oversight.
- In a laissez-faire economy, the prices of goods and services are determined by the forces of supply and demand.
- Critics argue that a laissez-faire economy can lead to income inequality and exploitation of workers.
- Proponents of a laissez-faire economy argue that it promotes economic growth and innovation by allowing businesses to operate freely.
- The economist advocated for a laissez-faire economy, believing that government intervention would only stifle economic progress.