In this article we will discuss about Physiocracy:- 1. Meaning of Physiocracy 2. The Factors That Gave Rise to Physiocracy 3. Critical Estimate. Meaning of Physiocracy: Physiocracy is the collective name of those economic principles and policies which developed in France in the middle of the 18th century. Physiocracy is also known as the 'Agricultural System'. Economic thinkers who contributed [...]
List of two important members of Physiocratic school:- 1. Francois Quesnay 2. Anne Rober Jacques Turgot. Member # 1. Francois Quesnay (1694-1774): Life and Works: Quesnay was born in 1694. He was the first in the chronological order. He belonged to a poor peasant family. After studying medicine, he established himself as a village physician and wrote several treatises and [...]
In this article we will discuss about the physical and practical ideas of physiocrats. Physical Ideas of Physiocrats: The Physiocrats contributed on the theoretical side, three important ideas, namely: 1. The concept of natural order. 2. The concept of net product. 3. The circulation of wealth. 1. Natural Order: The physiocrats had firm faith in the philosophy of natural order. [...]