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Physiocratic Economics

The term Physiocratic economics refers to an economic school of thought that was based on the views and practices of the Physiocrats, a group of influential thinkers who originated in France in the second half of the eighteenth century and who advocated the theory that the prosperity and riches of a nation depended solely on the agricultural sector. It can be argued that Physiocracy was the first economic school of thought to be properly developed.

The word Physiocrat comes from the Greek words “physis” and “kratos”, translatable as “the government of nature”, although disciples of the school were not called by that name until the nineteenth century (they were originally known simply as “economistes”) The Physiocratic theories were in direct competition with those of Mercantilism, another popular economic ideology at the time and one that was based on promoting merchants and trade. François Quesnay is generally considered to be the predominant figure among the Physiocrats who were actively campaigning for the reduction and deregulation of taxes for French farmers and encouraging the government to adopt the system of greater economic freedom that was employed by the British.

Web Resources On Physiocratic Economics

CE: Physiocrats
Wikipedia: Physiocrats

Book Resources On Physiocratic Economics

A History of Economic Thought by Lionel Robbins, et al
A History of Economic Theory: Classic Contributions by Jürg Niehans

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