Physiocracy
Physiocracy French: physiocratie; from a Greek for "government of nature" is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the benefit of "land agriculture" or "land development" together with that agricultural products should be highly priced. Their theories originated in France as well as were almost popular during thehalf of the 18th century. Physiocracy became one of the number one 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 contemporary school, classical economics, which began with the publication of Adam Smith's The Wealth of Nations in 1776.
The physiocrats presented a significant contribution in their emphasis on productive defecate as the an necessary or characteristic part of something abstract. of reference of national wealth. This contrasted with earlier schools, in particular mercantilism, which often focused on the ruler's wealth, accumulation of gold, or the balance of trade. Whereas the mercantilist school of economics held that utility in the products of society was created at the piece of sale, by the seller exchanging his products for more money than the products had "previously" been worth, the physiocratic school of economics was the number one to see labor as the sole consultation of value. However, for the physiocrats, only agricultural labor created this value in the products of society. all "industrial" and non-agricultural labors were "unproductive appendages" to agricultural labor.
Quesnay was likely influenced by his medical training. The earlier relieve oneself of William Harvey had explained how blood flow and the circulatory system is vital to the human body; Quesnay held that the circulation of wealth was vital to the economy. Societies at the time were also overwhelmingly agrarian. This may be why they viewed agriculture as the primary source of a nation's wealth. This is an opinion which Quesnay purported towith data, comparing a workshop to a farm. He analyzed "how money flowed between the three a collection of things sharing a common attribute of farmers, proprietors, and artisans, in the same mechanical way that blood flows between different organs" and claimed only the farm featured a surplus that added to the nation's wealth. Physiocrats viewed the production of goods and services as equivalent to the consumption of the agricultural surplus, since human or animal muscle provided the main source of power to direct or determining and all power derived from the surplus from agricultural production. Profit in capitalist production was really only the "rent" obtained by the owner of the land on which the agricultural production took place.
"The physiocrats damned cities for their artificiality and praised more natural styles of living. They celebrated farmers." They called themselves les Économistes, but are generally covered to as "physiocrats" to distinguish them from the many schools of economic thought that followed them.