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Laissez-faire (
i/ˌlɛseɪˈfɛər-/, French: [lɛsefɛʁ] (
listen)) is an economic environment in which transactions between private parties are free from tariffs, government subsidies, and enforced monopolies, with only enough government regulations sufficient to protect property rights against theft and aggression. The phrase laissez-faire is French and literally means "let [them] do", but it broadly implies "let it be", or "leave it alone." A laissez-faire state and completely free market has never existed, though the degree of government regulation varies considerably.
According to historical legend, the phrase stems from a meeting in about 1680 between the powerful French finance minister Jean-Baptiste Colbert and a group of French businessmen led by a certain M. Le Gendre. When the eager mercantilist minister asked how the French state could be of service to the merchants and help promote their commerce, Le Gendre replied simply "Laissez-nous faire" ("Leave us be", lit. "Let us do").[citation needed]
This page contains text from Wikipedia, the Free Encyclopedia -
http://en.wikipedia.org/wiki/Laissez-faire
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
Listen to Milton Friedman interviews
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."
Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy.
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http://en.wikipedia.org/wiki/Milton_Friedman
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
Listen to Ayn Rand interviews
Ayn Rand (
/ˈaɪn ˈrænd/; born Alisa Zinov'yevna Rosenbaum, February 2 [O.S. January 20] 1905 – March 6, 1982) was a Russian-American novelist, philosopher, playwright, and screenwriter. She is known for her two best-selling novels The Fountainhead and Atlas Shrugged and for developing a philosophical system she called Objectivism.
Born and educated in Russia, Rand moved to the United States in 1926. She worked as a screenwriter in Hollywood and had a play produced on Broadway in 1935–1936. After two initially unsuccessful early novels, she achieved fame with her 1943 novel The Fountainhead. In 1957, she published her best-known work, the philosophical novel Atlas Shrugged. Afterward she turned to nonfiction to promote her philosophy, publishing her own magazines and releasing several collections of essays until her death in 1982.
Rand advocated reason as the only means of acquiring knowledge and rejected all forms of faith and religion. She supported rational and ethical egoism, and rejected ethical altruism. In politics, she condemned the initiation of force as immoral and opposed all forms of collectivism and statism, instead supporting laissez-faire capitalism, which she believed was the only social system that protected individual rights. She promoted romantic realism in art. She was sharply critical of the philosophers and philosophical traditions known to her besides Aristotle.
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http://en.wikipedia.org/wiki/Ayn_Rand
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.