[les-ey fair; Fr. le-sey fer] 
| 1. | the theory or system of government that upholds the autonomous character of the economic order, believing that government should intervene as little as possible in the direction of economic affairs. |
| 2. | the practice or doctrine of noninterference in the affairs of others, esp. with reference to individual conduct or freedom of action. |
[les-ey-fair; Fr. le-sey-fer] | of, pertaining to, or conforming to the principles or practices of laissez faire. |
| lais·sez faire also lais·ser faire (lěs'ā fâr', lā'zā) n.
[French : laissez, second person pl. imperative of laisser, to let, allow + faire, to do.] lais'sez-faire' adj. |
French for “Let (people) do (as they choose).” It describes a system or point of view that opposes regulation or interference by the government in economic affairs beyond the minimum necessary to allow the free enterprise system to operate according to its own laws.
Laissez Faire
An economic theory from the 18th century that is strongly opposed to any government intervention in business affairs. Sometimes referred to as "Let it be economics."
Investopedia Commentary
People who support a laissez faire system are against minimum wages, duties, and any other trade restrictions.
Laissez faire is French for "leave alone."
Related Links
Economics Basics Tutorial
See also: Classical Economics, Dismal Science, Economics, Invisible Hand, Keynesian Economics
laissez-faire