An economy or market with no regulation or restrictions on how the said market operates, thus allowing the most efficient allocation of a resources in an economy. The laissez-faire or 'market system' is the unplanned capitalist economic system. The extreme opposite is N.Korea, Cuba, China etc.
The 'passive' approach, or that of non-intervention to Macroeconomic management (as stated by harry flashman) is just one feature of the laissez-faire or market system.
n. Describes a person that is able to get many girls without actively pursuing. The pimp is able to let the ladies come to him by being desirable at their firstmeeting.
Mat, practicing laissez faire pimping, scored many girls with little effort.