Laissez-Faire is an economic principle that advocates minimal government intervention in the economy. It is often attributed to the French economists known as the Physiocrats, particularly François Quesnay. However, the term Laissez-Faire became popularized in the 18th century by the Scottish philosopher Adam Smith in his book "The Wealth of Nations." Smith argued that individuals should be free to pursue their economic interests without government interference, and that the market, driven by self-interest and competition, would lead to optimal outcomes for society as a whole. Laissez-Faire has since become associated with free-market capitalism and limited government involvement in economic affairs.

Question

pharaphrase this and tell me in 2 sentence

Answer 1

Laissez-Faire is an economic principle advocating minimal government interference in the economy, popularized by Adam Smith in the 18th century. Smith argued that individuals should be free to pursue their economic interests without government involvement, as the market driven by self-interest and competition would lead to optimal societal outcomes. This principle is now associated with free-market capitalism and limited government intervention in economic affairs.