Question

The Theory of Laissez Faire was developed by ____

• A. Marques
• B. Adam Smith
• C. Marshall
• D. Laski

Hint:

When studying economic theories, pay attention to how each economist's ideas influence the policies of governments and businesses.

Answer 1

The Correct Option is B

Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention.
It was developed by Adam Smith, a Scottish economist, who argued that economic systems function best when there is minimal government regulation.
This theory forms the basis for classical liberalism.

Answer 2

Theory of Laissez-Faire – Developed by Adam Smith:
The Theory of Laissez-Faire is an economic philosophy advocating minimal government intervention in the affairs of business and markets.

This theory was developed by Adam Smith, often regarded as the father of modern economics. In his seminal work, "The Wealth of Nations" (1776), Smith argued that free markets, guided by the "invisible hand," efficiently allocate resources and promote economic prosperity.

According to this theory, individuals pursuing their self-interest in a competitive market environment ultimately benefit society as a whole, without the need for heavy-handed government control.

Conclusion:
Therefore, the Theory of Laissez-Faire was developed by Adam Smith.