What economic theory did Justice Oliver Wendell Holmes Jr. criticize in his Lochner v. New York dissent?

In his famous dissent in Lochner v. New York, Justice Oliver Wendell Holmes Jr. criticized the majority for basing their decision on the economic theory of laissez-faire.1

Holmes argued that the U.S. Constitution should not be interpreted to embody any specific economic theory, whether it be paternalism or laissez-faire. He famously asserted that the Fourteenth Amendment does not enact Herbert Spencer’s Social Statics (1851), a work that served as a prominent argument for the doctrine of laissez-faire. Holmes maintained that the judiciary should not use the concept of liberty to prevent the natural outcome of dominant public opinion unless a statute clearly infringes upon fundamental principles.1