Abstract
This paper deals with the famous Lochner v. New York (1905) decision from the perspective of the history of economic thought. In »Lochner« the Supreme Court affirmed freedom of contract as a substantive constitutional right. It is argued that, in writing for the majority, Justice Rufus W. Peckham was heavily influenced by classical political economy. Not, however, in the trivial sense of endorsing pure laissez faire, but in the deeper sense of applying Adam Smith’s recipe for building a “system of natural liberty”, viz., a social order founded on justice, private property, and free competition. My interpretation is validated by looking at the economic content of Peckham’s jurisprudence as a judge in the New York Court of Appeals.
JEL Codes: B12, K21, L40
Book Review/Revue des livres Reviews/Comptes rendus Jacoud Gilles (ed.), Political Economy and Industrialism. Banks in Saint-Simonian Economic Thought London and New-York: Routledge, 2010, 224 pages, ISBN 978-0415482660
