Question

Suppose it is the year 1768, and you are chief assistant to Francois Quesnay, A group of English intellectuals is visiting Paris, and you have been asked by Quesnay to describe the Physiocratic system to them. A typical French person, you assume that your English audience is comprised of ignorant dolts who are nonetheless eager for Enlightenment. What would you tell them about Physiocratic thought? Be sure to consider, the background as- sumptions of Physiocratic thought, the three classes, and their interaction as revealed by the Tableau Economique, and the policy implications of your ideas. (3 paragraphs)

Answer 1

1. As per 19^th century late historian, the Physiocrats created the very first ''Scientific System of Economics''. It was a theory of wealth. They believed that wealth will be achieved by valuing the agricultural sector.

2. Quesnay's most famous contribution was the ''Tableau Economique'' which shows how an economy functions in entirety and through this he identified three distinct classes.

i) Landlords - The Proprietary classes.

ii) Farmers and agricultural farmhands - The Productive class.

iii) Artisans and Merchants - The Sterile class.

3. Physiocrats led by Quesnay suggested that during the period of scarcity that government should interfere and lower the prices of grain as people can buy them and also suggested to ban grain exports during the period.

4. The Comte De Mirabeau, a prominent figure during the revolution considered Quesnay's Tableau as one of the great discoveries which was equal to the invention of printing and the discovery of money.

5. Some prominent figures like Abeille opposed Quesnay's Tableau of handling food scarcity and suggested non-government intervention is the best move that must be taken during scarcity to let free flow of natural markets or else scarcity would turn into a famine. But according to him, people who can't afford to buy them (as prices rise heavily) shall be allowed to die according to some economists during the period.