Economics Dictionary of ArgumentsHome
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| Laisser-faire: Laisser-faire is an economic doctrine advocating minimal government intervention in the market. It argues that free markets and self-regulating forces lead to efficient allocation of resources, economic growth, and prosperity. This policy emphasizes individual freedom and the invisible hand guiding economic activity. See also Liberalism, Libertarianism._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Jeremy Bentham on Laisser-faire - Dictionary of Arguments
Rothbard II 51 Laisser-faire/Bentham/Rothbard: In his appendix to the Defence of Usury(1), Bentham restates and sharpens the Turgot-Smith defence of savings. Savings results in capital accumulation: ‘Whoever saves money, as the phrase is, adds proportionately to the general mass of capital... The world can augment its capital in only one way: viz by parsimony.’ This insight leads to the principle that ‘capital limits trade’, that the extent of trade or production is limited by the amount of capital that has been accumulated. In short: ‘the trade of every nation is limited by the quantity of capital.’ The laissez-faire implication, as Bentham saw, is that government action or spending cannot increase the total amount of capital in society; it can only divert capital from free market to less productive uses. As a result, ‘no regulations nor any efforts whatsoever, either on the part of subjects or governors, can raise the quantity of wealth produced during a given period to an amount beyond what the productive powers of the quantity of capital in hand... are capable of producing’.(1) 1. Bentham, J. 1787. Defence of Usury; Shewing the Impolicy of the Present Legal Restraints on the terms of Pecuniary Bargains, (1786–87). London._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Benth I J. Bentham An Introduction to the Principles of Morals and Legislation Mineola, NY 2007 Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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