Question

The Mercantilist and Physiocratic economic schools of thought are the earliest recognizable school of thought in human history.

a) Identify a similarity and a difference between those schools of thought.
Your answer needs to provide at least two paragraphs.
The first paragraph discusses the similarity between these schools of thought.
The second paragraph discusses the difference between these schools of thought.

b) Discuss the economic idea or thought that you have found the most interesting from any of these schools of thought or their thinkers. Explain your reasoning.

c) Identify a local/global problem or a positive aspect in current societies that might be caused by an economic policy that is based on an economic concept that was originally identified by the Physiocrat School of Thought.

Your answer needs to provide at least two paragraphs.
The first paragraph discusses the local/global problem or a positive aspect in current societies.
The second paragraph explains how the concept that you identified is causing the problem or the positive aspect.

Answer all the questions in well developed paragraphs. The paragraphs should be at least five or six sentences long, and they should clearly include a topic sentence.

Answer 1

A group of economic thinkers who share or shared a common perspective on the way economies work is called a school of economic thaught with respect to the historical mode of economic thaught.basically economic thaught can be diveded under 3 phases.they are:1.premodern 2.early modern 3.modern

now we are discussing about the economic thaughts with their similarities and differences inearly modern phase.they are Mercantilist and Physiocratic economic schools of thought.

A) mercentalism and physiocratic thaughts are different and contrast in every aspect of their movement except the profit motive which implies to gain money and wealth for their mother country and be a benefit to many individuals irrespective of their religion to develop their economic way of living.exchange value is the motto for every thing a good or a service which may be free or for a value.in this way main government runs by the way of value which is in the hand of a corporate powers which may be capable of profucing these required goods and services for the mother country.

mercentalism and physiocratic thaughts are different in many aspects they are: mercentalist thinkers are not well organised and physiocratic are organised and a had a leader(quesney) to control the troop.mercentalists are well spread all over europe in may places like italy,england,germany etc while physiocratics are confined over france. mercentalists belived in regulations and contols while physiocraics believe in free trade.the income source of mercentalists is imports and exports with tarrifs while as physiocratics support free trade .main source of income in mercentalists is gold ,silver etc while physiocratics believe in agriculture and labour as its wealth.

B). i myself found that between these two theories of thaught physiocratics had a plus point in believing the labour of its country and agriculture as its source of income as agriculture feeds us in all perspective,so we should respect it which may be developed by giving required skill to the labour who does it and maintaian adavanced mechanisms which yeild a greater output than the traditional mechanisms of production.And in my view trade benifits the indiviuduals who are already in a stage to make profits but skill develops every individual to develop economically to lead a prosperous life .finally a country development is entirely the development of individual without government intervention which is main motto in physiocratists but not the development and making profits of a single merchantise itself.these are the most intrestings thaughts which make me to be a physiocratist.

C). Now a days all the government bodies are investing huge amounts in agriculture in some states while the central government is currently in a mode to develop their inputs. the main positive aspect of physiocrats was they individually support the idea of agriculture and making wealth by their own labour.wealth always doesnot means of making money but in some modes to develop the skill leads to a prosperus way of living.there are many irrigation projects and dams which supply water to the lakhs of acres were in a mode of development which was originally a idea of physiocrats to develop agriculture and its allies.

the obseved concept of the agriculture and its development leads to a lot of positive impacts in our life to make us self sufficient in making their own ways of living.these ways also leads to a greater trade of food products which every country needs to sustain their living.free trade firstly makes ur self into the market in terms of agriculture too.so by developing many adavanced practices of agriculture we can develop our productivity, we can reduce our imports,make many exports and it leads to a growth of countries economy not all of a sudden but gradually leads to a positive growth (GDP).so this is the positive impact of agriculture on any countries economy and which was originally an idea of physiocrats.