Final answer:
Adam Smith supported the idea of a free-market economy with minimal government intervention in 'The Wealth of Nations,' where he asserted that the 'invisible hand' of the market benefits society when individuals pursue their own self-interest.
Step-by-step explanation:
Adam Smith promoted the economic idea of a free-market system characterized by limited government intervention. In his seminal work The Wealth of Nations, Smith advocated for the principle of laissez-faire, meaning that the government should refrain from excessive regulation of the marketplace, allowing the "invisible hand" of market forces to dictate the production, distribution, and consumption of goods and services. Smith's analysis focused on the individual, suggesting that when individuals pursue their own self-interest, they inadvertently contribute to the economic benefit of society as a whole, leading to wealth creation.