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Explore the emergence of laissez-faire economics through Francois Quesnay's work and the Physiocratic school. Discover how Quesnay's 'Tableau Economique' challenged Mercantilism by emphasizing agriculture as the source of wealth and advocating for minimal government intervention. Understand the contrast between Physiocracy and Mercantilism and how these ideas shaped the development of economic thought, influencing figures like Adam Smith and Karl Marx.
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Quesnay, a former peasant turned physician, became a leading figure in the Enlightenment period and developed the Physiocratic school of economics
Depiction of the Economy as a Circular Flow
Quesnay's influential work presented a new perspective on economic activity, highlighting the importance of agriculture and the concept of economic cycles
The Role of the Agricultural Sector
Quesnay and the Physiocrats believed that agriculture was the only sector capable of generating a net surplus and driving economic prosperity
The Physiocrats' belief in natural economic laws and the importance of land clashed with the dominant Mercantilist view of state control and emphasis on commerce and manufacturing
The term "laissez-faire," meaning "let do," was coined by Quesnay and became a central tenet of the Physiocratic school
Quesnay advocated for reduced taxes and regulations to promote competition and allow the economy to operate according to its natural dynamics, influencing the development of free-market capitalism
Quesnay's ideas, elaborated upon by later economists, continue to be studied for their impact on the development of economic theories such as free trade and the role of government in the economy
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Enlightenment's role in laissez-faire
Enlightenment era promoted reason and individualism, influencing laissez-faire's minimal government intervention philosophy.
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Francois Quesnay's contribution
Quesnay founded Physiocracy, asserting wealth comes from land and agriculture, not mercantilism's commerce focus.
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Physiocrats' view on taxation and regulation
Physiocrats believed high taxes and strict regulation hinder natural economic growth, advocating for free markets.
