Physiocracy

French school holding that land and agriculture alone create net product, drawn in Quesnay's circular Tableau.

Specifications & Metrics

era

18th century

founders

François Quesnay, Anne Robert Jacques Turgot

signature

Only agriculture yields a net product (Tableau économique, 1758)

Core Principles & Analysis

• Quesnay's Tableau économique (1758) is the first circular-flow diagram in economics.
• The school's laissez-faire slogan passed directly into classical and modern usage.
• Turgot carried physiocratic ideas into policy as Louis XVI's finance minister.

Sources

• Wikipedia: Physiocracy