Physiocracy
Also known as: physiocratic school
- 1Developed by French economists in the 18th century.
- 2Posited that land agriculture is the sole source of national wealth.
- 3Advocated for the high valuation of agricultural products.
- 4Considered one of the first well-developed theories of economics.
Physiocracy is an economic theory developed by a group of 18th-century Age of Enlightenment French economists.
Connections1
historical economic precursor
The School of Salamanca, including Báñez, anticipated some of the economic insights later developed by the Physiocrats and classical economists regarding value and price.
Physiocracy was a pioneering economic theory that emerged during the Age of Enlightenment in 18th-century France. It represents one of the earliest systematic attempts to define the mechanisms of national wealth, focusing heavily on the primary sector of the economy.
Essai sur la police générale des grains, sur leurs prix et sur les effets de l'agriculture, 1755 / Cl.-J. Herbert. Supplément a l'Essai sur la Police générale des grains, 1757 / par J. G. Montaudouin de la Touche ; publies avec introduction et table analytique par Edgard Depitre. - Paris : Paul Geuthner, 1910. - XLIII...Wikimedia Commons; Herbert, Claude Jacques; Available in the BEIC digital library and uploaded in partnership with BEIC Foundation .; Public domain; Wikimedia Commons: Category:PhysiocracyL'ordre naturel et essentiel des sociétés politiques. - A Londres : chez Jean Nourse, Libraire ; & se trouve a Paris : chez Desaint, Libraire, rue du Foin S. Jacques, 1767. - [4], VII, [1], 511, [1] p. ; 4°. - L'autore, P.P. Mercier de la Riviere, si ricava da BN Opale-plus, FRBNF11911703. - Segn.: [pigreco]2 a4 A-3S4...Wikimedia Commons; Mercier de La Rivière, Pierre-Paul; Available in the BEIC digital library and uploaded in partnership with BEIC Foundation .; Public domain; Wikimedia Commons: Category:PhysiocracyTrabajo resumido y explicado - forma de vida de la época de los fisiocratasWikimedia Commons; Marlon201313; Own work; CC BY-SA 4.0; Wikimedia Commons: Category:Physiocracy Proponents of this school of thought argued that the true source of a nation's prosperity was land agriculture and land development. They advocated for high prices for agricultural products, believing that the value generated by the earth was the only true surplus in the economy. This theory gained significant traction during the second half of the 18th century and laid the groundwork for modern economic analysis.