Enlightenment Thinking on Economic Theory Adam Smith
... • Supported the theory of laissez-faire economics • Believed in a free-market economy, supply and demand would determine prices and other economic decisions. • He also believed that while governments should not interfere in economics, they did have a duty to protect citizens and provide public works ...
... • Supported the theory of laissez-faire economics • Believed in a free-market economy, supply and demand would determine prices and other economic decisions. • He also believed that while governments should not interfere in economics, they did have a duty to protect citizens and provide public works ...
Ancient economic thought
In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages.Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century.