Etymology

Noun

1. A policy of governmental non-interference in economic affairs.
2. A policy of non-interference by authority in any competitive process.

Adjective

1. Practicing or representing governmental noninterference, or minimal interference, especially in economic affairs; pertaining to free-market capitalism.

   I think the city should take a laissez faire approach to this; getting involved would only make things worse.

2. Advocating such noninterference.

   The Senator claims to be laissez faire, but he voted in favor of the subsidies.

3. Resulting from such noninterference.

   The price ceiling was well below the laissez faire price that demand would have supported, so there were always shortages.

4. Avoiding interference in other people's affairs; choosing to live and let live.