Physiocrat

The Physiocrats were a group of economists in the 18th century, primarily in France, who emphasized the importance of land and agriculture as the source of wealth. They believed that only agricultural production generated a surplus, or net product, beyond the costs of production. Manufacturing and trade, in their view, were merely "sterile" professions that transformed or moved existing wealth but did not create new wealth.

The term "Physiocrat" comes from the Greek words physis (nature) and kratos (rule), signifying "rule of nature." This reflected their belief in natural economic laws that governed society and that government intervention should be minimal to allow these natural laws to operate freely. This idea is closely associated with the concept of laissez-faire, laissez-passer, meaning "let do, let pass."

Key figures among the Physiocrats included François Quesnay, considered their intellectual leader, and Anne Robert Jacques Turgot. Quesnay's most famous work, the Tableau Économique, published in 1758, attempted to illustrate the flow of wealth and income within an economy, highlighting the role of agriculture.

The Physiocrats advocated for policies that would benefit landowners and farmers. They proposed a single tax on land rent, believing it to be the most equitable and efficient form of taxation. Their ideas influenced later economic thinkers, particularly Adam Smith, who, while critical of some of their tenets, acknowledged their contributions to economic thought, especially regarding the importance of free markets. The Physiocrats' focus on agriculture gradually diminished as industrialization progressed and the perceived importance of manufacturing and trade grew.