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The Origins and Impact of Laissez-Faire Economics

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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.

The Emergence of Laissez-Faire Economics

Laissez-faire economics, characterized by minimal government intervention, finds its origins in the Enlightenment period with the work of Francois Quesnay, a leading figure at the court of King Louis XV of France. Quesnay established the Physiocratic school, which contended that true wealth originated from the land and its agricultural production, challenging the dominant Mercantilist view that emphasized commerce and state control. The Physiocrats argued that excessive taxation and regulation stifled natural economic growth, laying the foundation for later economic theories advocating for free markets and trade.
18th-century French marketplace scene with a farmer and merchant shaking hands, fresh produce cart, bustling stalls with bread, meat, and textiles.

Francois Quesnay: From Medicine to Economics

Born to a modest family on June 4, 1694, in Mere, France, Francois Quesnay ascended from his peasant origins to become a respected physician, moving to Paris at 16 to pursue medical studies. His medical career flourished, culminating in his appointment as the personal physician to King Louis XV. It was during his tenure at Versailles that Quesnay's interest in economics blossomed. In his 60s, he began to write economic articles, eventually producing his influential "Tableau Economique" in 1758, which offered a novel perspective on the flow of economic activity.

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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.

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