Classical Economics is a major thread in historical economic thought originating from the work of Adam Smith in the eighteenth century. It emphasizes the role of unregulated markets in achieving desirable social outcomes, despite participants pursuing their self-interests.
The 'invisible hand' is a term coined by Adam Smith, describing the self-regulating behavior of the marketplace, where individual pursuits of self-interest unintentionally promote the welfare of society as a whole.
Laissez-faire is a doctrine that advocates minimal government intervention in business and economic affairs, allowing for free market forces to dictate economic outcomes.
The profit system is a fundamental element of the capitalist economic system, where the pursuit of profit drives entrepreneurial activities and shapes market production.
