Physiocracy francois quesnay biography

School of thought in economics

Physiocracy (French: physiocratie; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced.^[1] Their theories originated in France and were most popular during the second half of the 18th century.

Physiocracy became one of the first well-developed theories of economics.^[2]

François Quesnay (1694–1774), the marquis de Mirabeau (1715–1789) and Anne-Robert-Jacques Turgot (1727–1781) dominated the movement,^[3] which immediately preceded the first modern school, classical economics, which began with the publicat