Limited Government

Categories: Econ

See: Laissez Faire. Then see any zombie movie. Then watch The Purge.

Free market. Loose. All's good. Chill. Hands-off. Montessori. Let the kids roam free. Rock on. Let the good times roll.

Related or Semi-related Video

Finance: What is Laissez Faire?9 Views

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Finance a la shmoop what is laissez faire? alright well you know the

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Renaissance Fair you know about playing fair and what about with laissez faire?

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French term for more or less a Beatles [Beatles band singing]

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song yeah let it be well as it applies to economics let it be means that the

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economy is smarter than we are or at least a better arbiter of what works

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what doesn't and what is fair ish so the ideology of laissez faire argues that

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economic forces should be allowed to work themselves with maximum freedom and

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minimal government interference part of the logic is purely economic government [Stash of cash appears]

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involvement is friction bureaucrats who insert their noses only serve to hit the [Car driving uphill and approaches woman with stop sign]

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brakes on the economy and make transactions more expensive by applying

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taxes, ever been to the DMV and you know gotten the angry stare from the woman

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whose Facebook page updating you just interrupted while hoping to get your [Dog on a leash appears]

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license renewed yeah that's big government at work friction tax dollars

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being spent to employ that woman instead of just figuring out a website that'll

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let you go do it all on your own for about one millionth of the cost but part

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of the argument of laissez faire is ethical, laissez faire advocates argue that

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government interference distorts the natural and equitable forces of economic

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development like think global warming for economics courtesy of our carbon [Earth heating up]

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pollution otherwise known as regulatory friction slowing down the natural forces

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of the commercial markets well in the heyday of laissez faire economics in

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the last decades of the 19th century you really could buy happiness money was

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pretty much everything government could be bought and it was kind of not a real

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force without money behind it right kill someone well, you pay a fine of 199.95

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kind of the way you know mexico works today

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so what's fair about laissez faire? is it fair to have no minimum wage well laissez faire [Scribbles appear on graph of federal minimum wage]

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would say yes but john steinbeck you know The Grapes of Wrath guy yeah he

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would say no no and a half the logic is that human being

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needing to eat will do pretty much anything to feed their kids right and [Man using shovel]

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can't blame them will they work for just five bucks an hour to pay for that last

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meal and probably a dollar an hour if it'll feed their last kid yeah you bet

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fair well maybe among cave people but not today [Cave people by a fire]

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but then there are other perspectives to consider like is it fair to have child

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labor laws? if kids want to earn money cobbling shoes or making straw hats or

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working 16-hour days in a stock brokerage or at shmoop...

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shouldn't they be allowed to do so what do you think fair

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not fair laissez faire yeah we don't know for sure what do you think? [People in shmoop boardroom]

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