What does the term laissez-faire mean in economic context?

The term laissez-faire is rooted in the economic philosophy that advocates for minimal government intervention in the marketplace. This concept originated in 18th-century France, where it encouraged free markets and open competition. By supporting the idea that the government should play as small a role as possible in economic affairs, laissez-faire promotes the belief that individuals and businesses should operate and compete freely according to their own interests. This approach is based on the notion that free markets, driven by supply and demand, will lead to more efficient outcomes than a heavily regulated economy. It is often associated with classical liberalism and capitalism, where the invisible hand of the market is believed to self-regulate and promote economic growth and innovation.