physiocracy


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physiocracy

a school of thought or set of economic ideas based on the writings of QUESNAY and other 18th-century French economists and philosophers. The physiocrats felt that land was the single source of income and wealth in society capable of producing a ‘net product’. They also believed in the idea of a ‘natural order’ in society, which harmonized the particular interests of individual citizens with the common interests of society. This made them strong proponents of individual liberty and strong opponents of government intervention in society, other than to protect the individual and his property rights. Adam SMITH was strongly influenced by physiocratic ideas, and in his hands the ‘natural order’ was spelled out in the form of the workings of the market mechanism. See also PRIVATE-ENTERPRISE ECONOMY.
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18) The mere adoption of French physiocracy apparently cast doubt on the intellectual originality of Spanish economists (Lluch and Argemi 45).
He is best known for his initial opposition to Physiocracy in 1763-1765 and, since 1766, his active participation in that school of thought.
Later, in the term called transition term, Physiocracy developed and this prepared a basis for "Classical Liberalism" being the school or trend founded by Adam Smith.
mercantilism, physiocracy, advising Hoover to balance the federal budget by increasing taxes, allowing banks to fail during the 1930s, etc.
Physiocracy developed in France during the period of mercantilism but before Smith revolutionized economics with the publication of The Wealth of Nations.
Aristotle is exhibiting here a hardy physiocracy that views only agriculture as 'productive' and only landowning as honourable.
Hundert's book on Mandeville and the Enlightenment, Steven Kaplan's many works on physiocracy and politics in France, and so on.
The Economics of Physiocracy, Harvard University Press, Cambridge, MA, pp.
xii (1980); Martin Staum, `The Institute Economists: From Physiocracy to Entrepreneurial Capitalism', Hist, Polit.
Peter Groenewegen ("Marshall on Ricardo") criticizes Marshall's often misleading attributions to Ricardo; Izumi Hishiyama ("Physiocratic Dichotomy in Price Determination and its Ricardian Resolution") contends that Ricardo put an end to physiocracy when he showed that agricultural prices, like the prices of manufactured goods, are rooted in costs of production; Heinz D.
The methodology is in the traditions of 'input-output' and 'comparative statics' interpretations of Physiocracy, as exemplified by Phillips (1955), Meek (1963), and Eltis (1975a, 1975b).
Francois Quesnay (1694 - 1774) is considered to be the founder and leader of physiocracy, though many of his ideas are to be found in the writings of earlier French economists, such as Jean Claude Vincent, sieur de Gournay; Sebastien Vauban; and Pierre de Boisguilbert.