Mild ID is a level of intellectual disability that is sometimes called the "educable" level.
A laissez faire economy is one in which there is no government regulation of the economy.
Laissez faire economics is an idea based on the writings of Adam Smith, a famous economist who wrote the book Wealth of Nations. In this book, Smith argued that government interference with the economy had a negative overall impact on producers and consumers. Instead, Smith advocated for laissez faire economics.
In this laissez faire system, the competition between businesses for customers would result in business owners making the best decisions possible for the consumers. This is due to the fact that businesses cannot survive if they do not work to provide valuable services to citizens at a fair price.
A laissez-faire economy is characterized by minimal government intervention, and the principle that market forces alone should drive the economy. In this system, free trade, self-interest, and supply and demand dominate, with industries often self-regulating to protect their value. It argues that the marketplace is the most efficient means for exchange, promoting negotiation between producers and consumers.
The main characteristic of a laissez-faire economy is minimal government intervention in the economic affairs of individuals and businesses. This concept is based on the principle that the free market, driven by supply and demand, is self-regulating and efficient. This economic model originated through the beliefs of Thomas Le Gendre and later, Scottish economist Adam Smith whose works argued that self-interested participation in a free market, unfettered by government restraint, would benefit society at large.
In laissez-faire economies, the state refrains from imposing regulations, setting minimum wages, or controlling prices. This system influenced significant economic shifts, such as the Industrial Revolution that catalysed the accumulation of capital and improved societal living standards. However, the extremes of laissez-faire can pose challenges, such as unregulated banks or corporations which can lead to market crashes as it did in the U.S. prior to the 1929 market crash.
Proponents of this system advocate for the marketplace as the most efficient means of exchange, promoting negotiation between producers and consumers. In laissez-faire, industries often self-regulate to maintain quality and protect their reputation. Essentially, laissez-faire economics champions the freedom for individuals and businesses to operate without undue government interference.
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