In my EC432.1 history of economic thought class the professeur gave me a commission. I prepared a presentation about â€śPhysiocracyâ€ť! Pronunciation of word was really hard for me.. And I imagine that â€śwhat am I going to do even I couldnâ€™t say the word!â€ť. But then I thought that, I will try to do my best and I prepared a canvas about my presentation. Firstly I will define the definition of physiocracy than I define the theory by a diagram.
What is Physiocracy?
This is an economic theory developed by a group of economists who believed that the wealth of nations was derived solely the value of â€śland agricultureâ€ť or â€śland developmentâ€ť. Waow! They did it in 18th century in France! FranĂ§ois Quesnay was the founder of this important economic theory. And you know, every start-up theory become weird for readers because we cannot understand that why they prepare a theory for these kind of simple definitions. But wait a second, you cannot say the same thing for physiocracy! This theory was the 1st well-developed economic theory considering ancient Greek philosophers.
For this theory agriculture is everything. And if you are working for agrarian stuffs you are the most important guy around the globe because neither me nor FranĂ§ois Quesnay had a value like a farmer.
Mr. Quesnay prepare a diagram which represents the relationship between agricultural-priorities and merchant classes. You have to observe it!
And also please wish me luck about presentation..