Physiocracy is an economic theory developed in the 18th century, primarily by the French economist François Quesnay. It emphasizes the importance of agriculture as the source of wealth and advocates that land is the primary factor of production. Physiocrats believed that natural resources and agricultural output should drive economic policy, contrasting with mercantilist views that focused on trade and industry. The central idea of physiocracy is the concept of the "natural order," which suggests that economies function best when left to their own devices, with minimal government intervention. This theory laid the groundwork for later economic thought, influencing figures like Adam Smith and the development of classical economics.