LEMP, or the Liberal Economic Model of Policy, is an economic framework that emphasizes free markets, minimal government intervention, and individual entrepreneurship. It advocates for policies that promote competition and innovation, aiming to enhance overall economic growth and efficiency. This model often supports deregulation and tax cuts to encourage investment and consumer spending. Proponents believe that a free-market approach leads to better resource allocation and improved living standards, while critics argue it can exacerbate inequality and neglect social welfare.