physiocracy
Sign in to savePhysiocracy (; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists. They believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy became one of the first well-developed theories of economics.
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Physiocracy was an 18th-century economic theory developed by French Enlightenment thinkers who argued that a nation's wealth came entirely from agriculture and land development, and that agricultural products should command high prices. It matters because it was one of the first systematic attempts to explain how economies work, laying important groundwork for modern economic thought.
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Article
15 sectionsContents
- Precursors
- History
- ''Tableau économique''
- Characteristics
- Natural order
- Individualism and laissez-faire
- Private property
- Diminishing returns
- Investment capital
- Subsequent developments
- See also
- People
- Notes
- References
- External links
Physiocracy (; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists. They believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy became one of the first well-developed theories of economics.
François Quesnay (1694–1774), the Marquis de Mirabeau (1715–1789) and Anne-Robert-Jacques Turgot (1727–1781) dominated the movement, which immediately preceded the first modern school, classical economics, which began with the publication of Adam Smith's The Wealth of Nations in 1776.