"Laissez-faire" is a French term that basically means let things happen. "Laissez-faire economics" means that the economy should operate along without government interference.
http://mises.org/rothbard/agd/chapter7.asp
What is the laissez-faire economics?
(related to Herbert Hoover)
5 answers
One source says that Hoover denounced laissez-faire economics while another says that Hoover believed in laissez-faire economics.
I think that the one where Hoover believed in the laissez-faire economics is the right one?
The truth is somewhere in between.
Hoover publicly rejected laissez-faire economics, but history shows that he didn't do enough to stave off the effects of the Depression. In other words, he allowed the government to intervene in business, but not to a very great extent.
His actions were middle-of-the road.
http://www.suite101.com/article.cfm/us_labor_history/101443
Hoover publicly rejected laissez-faire economics, but history shows that he didn't do enough to stave off the effects of the Depression. In other words, he allowed the government to intervene in business, but not to a very great extent.
His actions were middle-of-the road.
http://www.suite101.com/article.cfm/us_labor_history/101443
I am reminded that I know folks who believe in things, but denounce them. I know folks who love Boston Creame Pie, but curse it everytime they eat it because it is fattening. Such is life.