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It is often thought that economics has no relationship with science and technology. This is not true. Economics is not only a complex science, it is often characterised by simple principles that are close to our lives; most people unconsciously make small economical decisions everyday, from buying coffee from a vending machine to governmental monetary policy.
Economics is the social science that deals with the use of scarce resources to obtain the maximum satisfaction of society’s unlimited economic wants. Some great economists have played important roles to accomplish present wealth by advocating prominent economic theories.
Adam Smith is one of the greatest economists often regarded as “the father of modern economics”.
Adam Smith is remembered for his most influential book called “An Inquiry into the Nature and Causes of The Wealth of Nations.” In this book, he systematized the idea of ‘laissez-faire’, in other words ‘simple system of natural liberty’. Laissez-faire is short for "laissez faire, laissez aller, laissez passer." a phrase meaning "let do, let go, let pass." from the French (http://en.wikipedia.org/wiki/Laissez-faire). It is a doctrine and also a policy based on the idea that an economic system functions best when there is no interference, especially by government.