Laissezfaire policies have limitations from "summary" of The Economic Naturalist by Robert H. Frank
Laissez-faire policies have been a subject of much debate among economists and policymakers. The idea that markets should be left to operate without interference from the government is appealing in its simplicity. Proponents argue that this approach allows for maximum efficiency and innovation, as individuals are free to pursue their own self-interest. However, this hands-off approach can have limitations that are often overlooked.
One of the key limitations of laissez-faire policies is the potential for market failures. While markets are generally efficient at allocating resources, they are not perfect. Externalities, such as pollution or congestion, can result in costs that are not borne by the parties involved in the transaction. In these cases, government intervention may be necessary to correct the market failure and ensure that resources are alloca...
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