Junwon

Happiness Economics is the study of a country's well-being by combining ecnonomists' and psychologists' techniques. It relies on more expansive notions of utility than does conventional economics.

Laissez-faire is a French phrase literally meaning 'let do'. It is used as a synonym for strict free market economics. It is generally understood to be a doctrine that maintains that private initiative and production are best allowed to be free of economic interventionism and taxation by the state beyond what is necessary to maintain individual liberty, peace, security, and property rights. This was economically operated by Adam Smith.