The term "physiocratic" refers to an economic theory that emerged in the 18th century, primarily associated with the French economist François Quesnay. It emphasizes the importance of agriculture as the source of wealth and advocates for a natural order in economic activities. Physiocrats believed that land and its productivity were the foundation of a nation's prosperity. Physiocracy posits that the economy operates best when left to its natural laws, with minimal government intervention. This theory laid the groundwork for later economic thought, influencing classical economists like Adam Smith and shaping modern economic principles regarding free markets and the role of agriculture.