Publications [#384294] of Steven G. Medema

Chapters in Books

1. Backhouse, RE; Medema, SG, Laissez-faire, Economists and, in New Palgrave Dictionary of Economics Third Edition (January, 2018), pp. 7548-7559 [doi]
   (last updated on 2026/01/09)

   Abstract:
   This article traces economists’s attitudes towards government intervention since the term ‘laissez-faire’ was first used in late 17th- or early 18th-century France. Understanding of the term has changed significantly since then. Adam Smith, popularly associated with laissez-faire, had a much more nuanced and pragmatic view of the role of the state, as did many of the classical economists and their neoclassical successors. Dissatisfaction with certain aspects of industrial capitalism led to a more interventionist stance during the 20th century, though the second half of the century saw something of a reversion towards the classical approach.