Define "laissez-faire" in terms of economic law.

Laissez-faire is defined as an economic theory that advocates for free-market capitalism with minimal government intervention. This concept is rooted in the belief that, when individuals are allowed to make their own economic decisions, the market will naturally regulate itself through supply and demand. Proponents of this theory argue that when the government imposes regulations, it can distort the market and hinder economic growth and efficiency.

In a laissez-faire economy, businesses operate independently, and the government's role is limited primarily to protecting property rights and maintaining order. This promotes competition and innovation, leading to a more dynamic economy. Overall, the principle of laissez-faire emphasizes the importance of individual autonomy in economic activity and suggests that less regulation leads to better economic outcomes.