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madamswer

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21/07/24

21:19

Post #: 74848827
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Originally posted by raiderup ↑

Yeah, I was waiting, for this sheet of wisdom.

Ya want wisdom, fine;

History of Laissez-Faire

Popularized in the mid-1700s, the doctrine of laissez-faire is one of the first articulated economic theories. It originated with a group known as the Physiocrats, who flourished in France from about 1756 to 1778.1 These thinkers tried to apply scientific principles and methodology to the study of wealth and economic production.

These economists argued that a free market and free economic competition were extremely important to the health of a free society.2 They believed the government should only intervene in the economy to preserve property, life, and individual freedom; otherwise, the natural, unchanging laws that govern market forces and economic processes—what later British economist Adam Smith, dubbed the "invisible hand"—should be allowed to proceed unhindered.

Unfortunately, an early effort to test laissez-faire theories did not go well. As an experiment in 1774, Turgot, Louis XVI's Controller-General of Finances, abolished all restraints on the heavily controlled grain industry, allowing imports and exports between provinces to operate as a free trade system. But when poor harvests caused scarcities, prices shot through the roof; merchants ended up hoarding supplies or selling grain in strategic areas, even outside the country for better profit, while thousands of French citizens starved. Riots ensued for several months. In the middle of 1775, order was restored, and with it, government controls over the grain market.3
Foundation for Economic Education. "Turgot: The Man Who First Put Laissez-Faire into Action."

Raider
Just how many of you sons abitches clung to the single desk policy?

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"Ya want wisdom, fine;

Wisdom, maybe.
But irrelevant to contemporary economic circumstances and inflationary determinants.

.
1 Upvote

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