Question

An economic philosophy advocating for minimal government intervention in the economy, allowing businesses to operate freely.

Answer 1

The economic philosophy you are referring to is known as **laissez-faire** economics. This approach advocates for minimal government intervention in economic activities, allowing businesses and markets to operate freely based on supply and demand. The idea is that when individuals and companies are free to pursue their own interests, it leads to more efficient outcomes and promotes economic growth. Laissez-faire is often associated with classical economic theorists like Adam Smith, who argued that an "invisible hand" guides the market to allocate resources efficiently without the need for government interference.