when economist use the term laissez-faire what economic idea are they referring to
Laissez-faire Laissez-faire (/ˌlɛseɪˈfɛər/; French: [lɛsefɛʁ] ( listen); from French: laissez faire, lit. 'let do') is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies. The phrase laissez-faire is part of a larger French phrase and basically translates to "let (it/them) do", but in this context usually means to "let go".[1]
Principles of Economics (Marshall) Principles of Economics[1] is a leading political economy or economics textbook of Alfred Marshall (1842â€“1924), first published in 1890.[2] It ran into many editions and was the standard text for generations of economics students.