During the Industrial Revolution, Laissez-Faire had an impact on economics because many believed it would optimize economic progress and so benefit everyone, including factory owners and their workforce.
There are various components to the laissez-faire economic system:
the right to own and operate a business;
the freedom to start and run a business;
free markets in trade (i.e., no government price controls or excessive intervention); and a government limited to a "night watchman" function, i.e., ensuring that contracts are not broken, disputes are peacefully resolved, everyone's rights are upheld, and society is defended against lawbreakers both at home and abroad through its police and courts.
Because it gives individuals the strongest incentive to earn money, laissez-faire is ideal for economic progress.
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