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The author undertakes a new interpretation of physiocratic economics and its contributions to the foundation of economic science.
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A physician to Louis XV, Francois Quesnay founded an 18th century French school of thinkers, the Physiocrats, who evolved the first complete system of economics. Central to their theory was the belief that absolute freedom of trade is essential to guarantee the most beneficial operation of economic law. The Economical Table (1758) is Quesnay's most important work.
Au sommaire de cet ouvrage : François Quesnay : Wealth, Science, Societies / Nobility and Royaume agricole : The Tableau économique as a Political Utopia / Graslin and Forbonnais against the Tableau économique / François Quesnay : Editions and Interpretations / The "Journal de l'Agriculture, du Commerce et des Finances" / The "Ephémérides du Citoyen" / The Library of Français Quesnay.
The mid-eighteenth century witnessed what might be dubbed an economic turn that resolutely changed the trajectory of world history. The discipline of economics itself emerged amidst this turn, and it is frequently traced back to the work of François Quesnay and his school of Physiocracy. Though lionized by the subsequent historiography of economics, the theoretical postulates and policy consequences of Physiocracy were disastrous at the time, resulting in a veritable subsistence trauma in France. This galvanized relentless and diverse critiques of the doctrine not only in France but also throughout the European world that have, hitherto, been largely neglected by scholars. Though Physiocracy was an integral part of the economic turn, it was rapidly overcome, both theoretically and practically, with durable and important consequences for the history of political economy. The Economic Turn brings together some of the leading historians of that moment to fundamentally recast our understanding of the origins and diverse natures of political economy in the Enlightenment.
Parallel French text and English translation; introd. and notes in English."Enlarged and revised with added material from the German edition." Includes bibliographical references.
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The birth of Physiocracy was the birth of the science of economics in the broad general form in which it is known to us today. It is surprising therefore that the Physiocrats should have received so little attention from economists in the English-speaking world. This book fills that gap. The volume begins with a deliberately non-specialist introduction. Translations of Physiocratic writings then follow and the final section of the book consists of specialized essays, dealing with certain aspects of the Physiocratic doctrine, its history and its influence.