Bahasa Inggris Niaga – Diskusi 6

 

Questions:

1. What does “Laissez-Faire” mean?  

2. How is “Laissez-Faire” still relevant today? What are the weaknesses of “Laissez-Faire”?

3. Do you think government’s supervision in economic activities should be significant?  

Answers:

1.      Laissez-faire is an economic theory that opposed any government intervention in business affairs. The driving principle behind laissez-faire is that the less the government is involved in the economy, the better off business will be—and by extension, society as a whole.

2.      Laissez-Faire still relevant today that many economics and business is operated under capitalism, the corporations like free market and free competition, and most of the time, the government decision and the law more business oriented than people oriented.

 

The weakness of Laissez-Faire is the price of commodities those used or consumed by many people are hard to controlled. Hence, in those situations the poor people can not afford to get basic food and necessities.

3.      Government’s supervision in economic activities should be significant on issues those regulate nation related issue and on commodities those many people used or consumed. For example, the Government of Indonesia is protecting Oil and Gas, all manage and controlled by government, and then the government also control supply of rice, so price stable against any circumstances.

Also, government should regulate the minimum wage for worker, so worker can life in good life conditions. Government also need to regulate the protection of workers from hazardous conditions and consumers from unfair business practices.