What is the laissez-faire economics?
(related to Herbert Hoover)
"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
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
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.
Laissez-faire economics is an economic theory that advocates for minimal government intervention in the economy. The term "laissez-faire" is French for "let do" and emphasizes the belief that economic activities should be left to individuals and businesses to operate freely without government interference. In a laissez-faire system, the government's role is limited to protecting private property rights and enforcing contracts.
Herbert Hoover, who served as the 31st President of the United States from 1929 to 1933, is often associated with laissez-faire economics. During his presidency, the nation faced the Great Depression, and Hoover's approach was based on the belief that the economy would recover naturally without significant government intervention. He preferred voluntary cooperation between businesses and a limited role for the government in resolving economic crises.
To learn more about the specific policies and actions taken by Herbert Hoover regarding laissez-faire economics, you can consult reliable historical sources such as books, articles, or official government websites. These sources will provide detailed information about his handling of the economy during his presidency.