Laissez-fair Economics :: essays research papers

The United States of America generally operates under an economic policy known as laissez fair (let people do as they choose) economics. This type of economic system allows nearly no government intervention beyond the minimum necessary to allow the free enterprise system to operate according to its own laws. Laissez fair holds the traditional American belief in individual rights and responsibilities that has led to the creation of the wealthiest nation in the history of the planet. We know this type of economic policy works because our country has prospered for so many years under its format. One portion of laissez fair economics that focuses on individual rights and responsibilities without government intervention pertains to owning a private business. The right for anyone to own and operate a private business in our country is the central idea to letting the people create their own wealth. New and upstart businesses have a chance to be successful because there is always another place in the market for new and innovative products. If you want to get rich you have to be inventive, produce a product that people can afford, and be better at serving customers to earn more capital. This all revolves around the individual and their responsibilities to make a better product to get ahead because if they relax someone else will swoop up their business and their money. People work harder, longer, and better if they are working for themselves or a private business rather than a communist government. Although the belief in individual rights and responsibilities is important there must be some kind of government intervention. The government helps regulate bad companies selling third rate products and helps protect the consumer from buying these products. The government also intervenes if a company has an unfair monopoly over the entire market to help promote smaller businesses to enter the market and have a chance to produce revenue. We also know that if there is total government control the wealth of the individual suffers. Some of the poorest countries in the world rely on a Socialist government and lack economic growth and wealth.