Laissez Faire is a term coined by the French philosophers that translates to “leave it alone” or “let it be”. It is an economic and social philosophy that emphasizes limited government intervention and individual responsibility as the key to economic growth and prosperity.
Teaching students about Laissez Faire is essential for creating future leaders who can understand the role of government in the economy. The philosophy asserts the independence of individuals, leaving them to interact freely in economic matters. According to laissez fair advocates, this lack of intervention ensures that market forces of demand and supply are free from any external interference. Thus, leading to economic growth, job opportunities, and increased production.
Laissez Faire was popularly associated with the Classical School of Economics, with noted figures such as Adam Smith, and his doctrine of ‘invisible hand’ theory which states that everyone’s pursuit of their self-interest will lead to the greater good of all. It was argued that minimal government intervention would maximize the economic benefits, as the free market system would allocate resources efficiently and fairly.
Students need to understand that Laissez Faire does not imply a total absence of government, but rather a limited government role as regards the economy, where the government is only required to maintain law and order and protect property rights. This involves no tariffs or quotas and is essential in encouraging competition, innovation, and creativity in businesses.
In addition, students need to understand that laissez faire shouldn’t be regarded as a solution to all economic problems as it is viewed as a self-regulating system that tends to favor the strong to the detriment of the weak. This means that the unrestricted market system would lead to the accumulation of wealth among the few while the lower segments of society would be left behind.
Another area where Laissez Faire might not work is when dealing with environmental issues. With a lack of government regulation, companies can adopt an environmentally unfriendly policy that causes environmental degradation. Therefore, it is essential that students understand the potential negative impact of Laissez Faire and its application in certain contexts.
In conclusion, teaching students about Laissez Faire is an essential part of creating informed leaders in government and business. When students understand the principles of Laissez Faire and how it works, they can become involved in policy decisions, which empower them to make informed choices. It is also important to teach students how to critically evaluate the philosophy of Laissez Faire and its impact on society. This creates future leaders who can strike a balance between individual freedom and government intervention.
