Frédéric Bastiat was a French economist and political theorist born in 1801. He is best known for his advocacy of free markets and limited government intervention in the economy. His writings emphasized the importance of individual liberty and the consequences of government policies on economic prosperity. Bastiat's most famous work, "The Law," argues that the role of government should be to protect individual rights rather than to redistribute wealth. He also introduced the concept of "opportunity cost," highlighting the unseen effects of economic decisions. His ideas have influenced modern economic thought and continue to be relevant today.