What did Justice Holmes mean by saying that the Fourteenth Amendment does not enact Herbert Spencer's Social Statics?

In his famous dissent in Lochner v. New York (1905), Justice Oliver Wendell Holmes, Jr. used the phrase "The Fourteenth Amendment does not enact Mr. Herbert Spencer’s Social Statics" to criticize the Supreme Court majority for imposing a specific economic ideology upon the Constitution.1

Herbert Spencer was a philosopher and advocate of social Darwinism and laissez-faire economics, which championed minimal state intervention and unfettered individual competition. By referencing Spencer’s 1851 work, Social Statics, Holmes was arguing that the Constitution is not intended to embody any particular economic theory—whether it be paternalism or laissez-faire.21

Holmes believed that the judiciary should practice judicial restraint and that, within constitutional bounds, elected legislatures have the right to pass laws reflecting the will of the people, even if those laws are economically unwise. He contended that the majority opinion in Lochner improperly used the due process clause to strike down labor regulations based on a personal preference for a free-market economic system that was not universally accepted by the country.13