A strong economy begins with a strong, well-educated workforce. Economic theorist Adam Smith believed that the optimal functioning of markets needed minimal government intervention, which is the driving principle behind Laissez-faire. Laissez-faire economics is a key part of free-market capitalism. The basic purpose of Laissez-faire economy is to promote a free and competitive market that demands the restoration of order and natural state of liberty that humans are engaged from. A Laissez-faire economy is thus characterized by the free movement of forces of supply and demand, free from any form of intervention by a government, a price-setting monopoly, or any other authority. Principles of Laissez-faire economy include: (i) The individual is the basic unit in society, i.e., the standard of measurement in social calculus. (ii) The individual enjoys a natural right to freedom. (iii) The physical order of nature is a harmonious and self- regulating system.

Yogita Parihar

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