milton friedman was best known for his advocacy of laissez-faire as the guiding principle for economic policy.
milton friedman was best known for his advocacy of laissez-faire as the guiding principle for economic policy.
who is best known for his advocacy of laissez-faire as the guiding principle for economic policy?
milton friedman
positive non-interventionism was the economic policy of hong kong; this policy can be traced back to the time when hong kong was under british rule. it was first officially implemented in 1971 by financial secretary of hong kong john cowperthwaite, who observed that the economy was doing well in the absence of government intervention but it was important to create the regulatory and physical infrastructure to facilitate market-based decision making. the policy was continued by subsequent financial secretaries, including sir philip haddon-cave. economist milton friedman has cited it as a fairly comprehensive implementation of laissez-faire policy, although haddon-cave has stated that the description of hong kong as a laissez-faire society was "frequent but inadequate".
positive non-interventionism
vincent de gournay, a french physiocrat and intendant of commerce in the 1750s, popularized the term "laissez-faire" as he allegedly adopted it from françois quesnay's writings on china. quesnay coined the phrases "laissez-faire" and "laissez-passer," "laissez-faire" being a translation of the chinese term "wu wei" (無為). gournay ardently supported the removal of restrictions on trade and the deregulation of industry in france. delighted with the colbert–le gendre anecdote, he forged it into a larger maxim all his own: "laissez faire et laissez passer" ("let do and let pass"). his motto has also been identified as the longer "laissez faire et laissez passer, le monde va de lui même !" ("let do and let pass, the world goes on by itself!"). although gournay left no written tracts on his economic policy ideas, he had immense personal influence on his contemporaries, notably his fellow physiocrats, who credit both the "laissez-faire" slogan and the doctrine to gournay.
laissez-faire