The Ideology of the Laissez Faire Program

John Henry

Journal of Economic Issues, 2008, vol. 42, issue 1, 209-224

Abstract: Over the last 35 years, a free market, laissez faire program has increasingly dominated perceptions as to what constitutes correct economic theory and policy. Most adherents of this program trace its origins to Adam Smith, and claim that its dominant position is the result of superior theory.The argument here is that Adam Smith is not the theoretical ancestor of modern laissez faire economics, and that there are fundamental differences between Smith’s position on laissez faire and that of conventional neoclassical theory. A difference between “soft” and “hard” laissez faire is made, where Smith represents the former position; neoclassical theory the latter. Further, and more important, it is argued that the current laissez faire program is an outgrowth of a political program instituted in the 1930’s and financially supported in the present era by conservative foundations to promote an ideological framework that permits the development of specific governmental (and non-governmental) actions.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:mes:jeciss:v:42:y:2008:i:1:p:209-224

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DOI: 10.1080/00213624.2008.11507122

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