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).
Physiocracy is the name of an economic current that parts from the conviction that only agriculture can be at the basis of the wealth of a country and finds its expression in the classical liberal exigence of a free market and a minor or reduced role for the state.
Abstract: Nicolas Baudeau is well known as the creator of the journal Ephemerides du citoyen', was earlier an opponent of Physiocracy, but later came to find his place in the circle of 'Economistes'.
Physiocracy, the originator of today's neo-classical economics, represented the rebellion of the landowning class against the policies on this list in pre-Revolutionary France.
Like Mercantilist thought, Physiocracy was affected significantly by economic specialties of the term it appeared.
Marx criticises physiocracy's identification of value with nature's material use-value.
When he studied in Paris as a young man, Kosciuszko became obsessed with a new economic theory called physiocracy developed by Francois Quesnay.
Gray's informative essay examines the economic school of physiocracy, the immediate predecessor of the classical economics that began with Adam Smith.
mercantilism, physiocracy, advising Hoover to balance the federal budget by increasing taxes, allowing banks to fail during the 1930s, etc.) so there is no reason to think that economists are not wrong now.
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.