fysiokraatit

Fysiokraatit, also known as physiocratics, were a group of 18th-century economists who advocated for a free market economy and the idea that the wealth of nations is derived from the land. They believed that the natural resources of the earth, such as soil and minerals, are the primary source of wealth, and that the productivity of these resources is what drives economic growth. The physiocratics argued that the value of goods is determined by the amount of labor and land required to produce them, rather than by the subjective value placed on them by consumers. They also emphasized the importance of free trade and the division of labor in promoting economic efficiency. The physiocratic school of thought was influential in the development of modern economic theory and had a significant impact on the thinking of later economists such as Adam Smith and David Ricardo. However, their ideas were ultimately rejected in favor of the mercantilist and classical economic theories that dominated the 19th century.