In his book The Wealth of Nations, adam smith suggested that government should take a laissez-faire approach to the economy.
Laissez-faire is a free-market, capitalist economic theory that rejects government interference. The French Physiocrats, who lived in the 18th century, created the laissez-faire ideology. According to proponents of laissez-faire, government involvement in industry and markets hinders economic progress.
Laissez-faire alone is insufficient to steer an economy, but with the right balance between the authority granted to the government and the unrestricted operation of market forces, economies can prosper with the least amount of risk.
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