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CLASSICAL ECONOMIC THEORY
Known also as ‘laissez faire’, the theory claims that leaving individuals to make free choices in a free market results in the best allocation of scarce resources within an economy and the optimal level of satisfaction for individuals - ‘the greatest happiness for the greatest number’. See: CLASSICAL LIBERALISM / .

Last updated 2002--0-9-

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Athabaca University ICAAP

© Robert Drislane, Ph.D. and Gary Parkinson, Ph.D.
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