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MERCANTILISM: PHYSIOCRATS, FEATURES, AND THEIR CONTRIBUTIONS TO ECONOMICS, ans.org.in

Physiocrats

Introduction 

Physiocracy or simply physiocrats means the government of the human society by the laws of nature.
A group of French economist during the middle of the 18th century developed this theory which governed their society at that time.

According to this theory, the wealth of the country can be increased or nation can be developed through agricultural land or agricultural development. Without the development of agricultural, country's growth is impossible.
Features:  The main features of physiocrats are


  • Natural order: According to physiocrats, in the society there was a natural order which governed the society itself.
  • Laissez Faire: They contributed the Principle of laissez faire which was very important to their society.
  • Private Property: The physiocrats believed in the institution of private property. They saw property as a tree and its branches, as social institutions.
  • Tableau Economique: Tableau Economique is the most important features of physiocrats. This theory shows how the wealth is circulated in the society.
  • Learn all about Physiocrats from below.

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