By Felix Haynes and Ben Williams
Part 1 The Major Ideas
Toward a new social science: the physiocrats and the Scottish philosopher Adam Smith have been viewed as the founders of the modern social science of economics. By the eighteenth century most European states had developed a system of courts to deal with the punishment of crime.
Laissez-faire was the French name known by a doctrine in which the government decided to leave alone. The best laissez-faire was by Adam Smith in 1776 in his famous work The Wealth of Nations .