Thursday, November 26, 2009


According to laissez-faire philosophy, business firms should be allowed to operate without government regulation and interference.

This laissez-faire video lacks sound reasoning, however.

For example, it suggests that any government interference with the pursuit of one's happiness is immoral. But government regulation is an essential component of PROTECTING the rights of individuals and the broader society. Laws are necessary to reduce the ability of one person to unfairly impede another's pursuit of happiness. Unregulated markets create too much of some things (such as pollution, poverty, and market power) and too little of others (such as national defense, education, disease control, and other public goods.)

Read more about laissez-faire on Wikipedia.

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