Laissez-faire

Laissez-faire, laissez-passer is a French expression that translates as “to let do, let pass”, that is letting things work on their own. In a sense it sums up the economic doctrine of physiocracy, expressing that there is a natural order of things, with its own laws, and it is best to let them run by themselves without laying restrictions.

Leaving the economy to run at its own pace, in a laissez-faire way, where the government’s only concern is to assure sufficient property rights, has been praised by some economic doctrines such as neoclassical economics, monetarism and new classical macroeconomics. Government should only be responsible of providing and ensuring protection for firms and people; the forces of demand and supply should be left to act when economic cycles require it.