PHYSIOCRATIC

Failures of feudalism and mercantilism: On production

no improvement on producing and innovation

Failures of feudalism and mercantilism: On consumption

no change in consumption taste (manorial system) and no import of international productions

land owning ability of noblemen and clergy and colbertism

agriculture suffered because

Major Tenet of Physiocrats

Natural Order

Physiocrats

Group of french enlightenment that opposed mercantilist

Laisse Faire Economics

Free Market, Free Enterprise, Protect life and property

Productive Class

Agriculture farmers and laborers

Proprietor Class

Landowner

production rather than exchange

Physiocrats emphasized on

Capital Accumulation

Physiocrats argued for

Barriers to capitalistic development

Physiocrats opposed

Capitalistic Farmer

Relies on agriculture and for personal consumption and investment

Landowner

Relies on wealth and for consumption

Anne Robert Jacques Turgot

Law of Diminishing Marginal Returns

Only landowners should be taxed because only they have surplus value

Inaccurate Ideas of Physiocrats

Tableu economics

Francis Quesnay notable work

Anne Robert Jacques Turgot

France minister of finance

LOUIS XVI

who dismissed turgot

Benefits/Contributions of Physiocrats

Founded economics as a social science and analyze the laws that governed the circulation of goods and wealth