physiocratics

Physiocracy was an economic theory developed by a group of 18th-century French thinkers who believed that the wealth of nations was derived solely from the value of land agriculture. The most prominent figure associated with this school of thought was François Quesnay, a physician to King Louis XV. The Physiocrats argued that other economic activities, such as manufacturing and commerce, were "sterile" as they merely transformed or exchanged existing wealth rather than creating new wealth.

They emphasized the importance of a natural economic order, believing that government intervention should be minimal to allow this natural order to flourish. This concept of minimal government interference is often summarized by the French phrase "laissez-faire, laissez-passer," meaning "let do, let pass." The Physiocrats advocated for policies that would benefit landowners and agricultural producers, such as the elimination of internal customs barriers and taxes on agricultural goods.

The movement's influence was relatively short-lived but it played a significant role in the development of economic thought, particularly in its emphasis on production as the source of wealth and its advocacy for free markets. Adam Smith, though critical of some of their tenets, acknowledged the importance of the Physiocrats' contributions to economic theory in his seminal work, The Wealth of Nations. Their ideas helped pave the way for classical economics.