Hey
@UnderGrace , fresh from bing answers>
Laissez-faire economics is defined as a situation with
minimal government intervention. Under laissez-faire, governments and regulators ‘leave alone’ private firms to allow them to make decisions about production and output. In particular, laissez-faire involves zero / minimal government intervention on issues such as regulation, taxes and tariffs.
From Wikipedia just now>
In
economics, a
free market is a
system in which the prices for goods and services are determined by the
open market and by
consumers. In a free market, the laws and forces of
supply and demand are free from any intervention by a
government or other authority, and from all forms of economic privilege, monopolies and artificial scarcities.
[1] Proponents of the concept of free market contrast it with a
regulated market in which a government intervenes in supply and demand through various methods, such as
tariffs, used to restrict trade and to protect the local economy. In an idealized
free-market economy, prices for goods and services are set freely by the forces of supply and demand and are allowed to reach their point of
equilibrium without intervention by government policy.
Scholars contrast the concept of a free market with the concept of a
coordinated market in fields of study such as
political economy,
new institutional economics,
economic sociology and
political science. All of these fields emphasize the importance in currently existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for those forces to operate to control productive output and distribution.
Although free markets are commonly associated with
capitalism within a
market economy in contemporary usage and
popular culture, free markets have also been advocated by
anarchists,
socialists and some proponents of
cooperatives and advocates of
profit sharing.
[2] Criticism of the theoretical concept may regard systems with significant
market power,
inequality of bargaining power, or
information asymmetry as less than free, with regulation being necessary to control those imbalances in order to allow markets to function more efficiently as well as produce more desirable social outcomes.
What's the difference?