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"Physiocrats."
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The physiocrats and the world of the Enlightenment
\"The Physiocrats believed that wealth came exclusively from the land, that nature was fecund and man could harness its reproductive forces. Capital investments in agriculture and hard work would create profits that circulated to other sectors and supported all social institutions. Physiocracy, which originated in late eighteenth-century France, is therefore widely considered a forerunner of modern economic theory. The Physiocrats and the World of the Enlightenment places the Physiocrats in context by inscribing economic theory within broader Enlightenment culture. Liana Vardi discusses three theorists - Francois Quesnay; Victor Riquetti, marquis de Mirabeau; and Pierre Samuel Du Pont de Nemours - and shows how their understanding of mental processes, science, politics, and the arts influenced their individual approach to economic writing. The difficulty in explaining the doctrine, combined with the expectation that the public would be persuaded by its arguments, mired physiocracy in endless contradictions. This work offers a framework for understanding physiocratic theory and its complicated relation to modern economics\"-- Provided by publisher.
Book
Economics of Physiocracy
The volume includes translations of Physiocratic writings, also specialized essays, dealing with certain aspects of Physiocratic doctrine, its history and its influence.
eBook
Methodology for Analysing and Evaluating the Effectiveness of Investment Projects: from Idealism to Consumer and System Approaches
The article studies the theoretical and methodological approaches of subjective and objective idealism, general scientific subjective and consumer methodological approaches in relation to the systematization of the fundamental foundations for evaluating the effectiveness of projects. The scientific positions of the economic schools of mercantilism and marginalism are analyzed, the views of the economic school of physiocrats, the ideology of objective rationalism of classical political economy are considered. In the course of theoretical scientific research, the process, trend and regularity of transformation of the main principles of subjective and objective idealism into the basic characteristics of consumer and system methodological approaches, respectively, which are the basis for evaluating the economic efficiency of investment projects, are established.
Journal Article
SMOKE ON THE WATER: HES AT 50 AND THE NON-NEUTRALITY OF HISTORY
Recently, I participated in the thesis defense on an eminently local subject, political economic writing in the eighteenth century in the cantons of Vaud (where I live and teach) and Berne (which at the time had occupied the Canton of Vaud) in Switzerland. I will spare you the details of this 700-pages-thick thesis, with an appendix of another 200 pages, which was not even about political economic writing in all of the Swiss Federation, but only in these two small regions in one of the most beautiful spots of Europe. But I became mesmerized by the profoundness of the political economic thinking of a group of now largely forgotten administrators and members of the Swiss socio-economic elite that grappled with questions of how to position their economic doings against a Europe that was plagued by the early eighteenth-century War of Succession, questions about the economic consequences not of population growth but of population decline, and the consequences of what David Hume has characterized so well as the “Jealousy of Trade” between the emerging European colonial empires. More in particular, these local men of politics and power were concerned with if and how they could preserve the agricultural system of common pastures—that were to figure prominently in Elinor Ostrom’s early studies of the “commons”—or whether they should copy the English model of enclosures that seemed to promise agricultural innovation and economic growth. How would this pan out for the means of existence of the local population? And, of course, what would this mean for their own economic and political interests and standing? All these concerns brought them in conversation with the work of such writers as François Forbonnais, Richard Cantillon, the Physiocrats, and Scottish philosophers such as Hume, James Steuart, and Adam Smith, with some of whom they were also in correspondence. The measures the local elites implemented on the basis of these discussions were consequential for such important issues as land use, manufacture and commerce, and poor relief. Unsurprisingly perhaps, the thesis was supervised by one of Istvan Hont’s students, Béla Kapossy, a professor in the history department of the University of Lausanne.
Journal Article
Corn, Cattle, Land and Labour: Physiocratic Ideas in the Wealth of Nations
This paper discusses the use Adam Smith made in the
Wealth of Nations
(
WN
) of physiocratic concepts and ideas. Notwithstanding his critique of the ‘Agricultural system’, Smith endorsed many distinctively physiocratic ideas and in his analyses of value and distribution, of the reproduction and accumulation of capital, and of development and growth adopted (and adapted) several physiocratic concepts. In particular, the paper argues that Smith adopted the ‘material expenses’ approach of the Physiocrats and sought to use it side by side with his tentative proposal of a labour-based approach to the theory of value, and draws attention to inconsistencies and tensions which arise from the simultaneous presence of the two different approaches to the theory of value in the
WN
. By adopting physiocratic ideas on the relationship between corn prices and money wages, Smith is also seen to have provided the key elements for David Ricardo’s ‘corn ratio reasoning’ in his early theory of profits.
Journal Article
Economics of Physiocracy
The birth of Physiocracy was the birth of the science of economics in the broad general form in which it is known to us today. It is surprising therefore that the Physiocrats should have received so little attention from economists in the English-speaking world. This book fills that gap. The volume begins with a deliberately non-specialist introduction. Translations of Physiocratic writings then follow and the final section of the book consists of specialized essays, dealing with certain aspects of the Physiocratic doctrine, its history and its influence.
eBook
Demonstrating the Natural Order: The Physiocratic Trials in Baden, 1770–1802
This article examines attempts to demonstrate the truth of physiocratic principles in eighteenth-century Baden. Emphasizing the importance of the so-called net yield (produit net), a surplus product understood to be created primarily in agriculture, the physiocrats advanced a new science of material prosperity and moral welfare. Despite its alleged “self-evidence,” physiocracy invited strong criticism from those who denied the force of its abstractions. Ultimately regarded as ill-fated and unconvincing, these trials were significant for their attempt to offer an experiential demonstration aimed at persuading doubters and silencing critics. The apparent failure notwithstanding, the episode illustrates how the idiom and practice of experiment served as a powerful resource for generating conviction in the eighteenth century, even in matters extending beyond the emerging natural sciences. Dieser Aufsatz untersucht die in der Markgrafschaft Baden im 18. Jahrhundert stattfindenden Versuche, die Wahrheit der physiokratischen Prinzipien zu demonstrieren. Indem die Physiokraten die Bedeutung des sogenannten Reinertrags (produit net), einen in erster Linie von der Landwirtschaft produzierten Überschuss, betonten, trieben sie eine neue Wissenschaft materiellen Wohlstands und moralischen Wohlergehens voran. Obwohl die Physiokratie auf ihre angebliche „Selbstverständlichkeit“ verwies, wurde ihr von Seiten derer, welche die Überzeugungskraft ihrer Abstraktionen bestritten, mit heftiger Kritik begegnet. Die Versuche, eine auf Erfahrung beruhende Demonstration physiokratischer Theorien durchzuführen, um Zweifler und Kritiker zu überzeugen beziehungsweise zum Schweigen zu bringen, wurden zwar letztlich als unglücklich und nicht überzeugend angesehen, waren aber bedeutend. Trotz ihres Scheiterns zeigt diese Episode nämlich, wie bedeutend Idiom und Praxis des Experiments im 18. Jahrhundert bei der Meinungsbildung waren – sogar in Angelegenheiten außerhalb der sich in der Entstehung befindenden Naturwissenschaften.
Journal Article
Don't treat too ill my Piero! Interpreting Sraffa's papers
In this comment I scrutinise critically some of the views put forward in this Special Issue on Sraffa's research programme, his accomplishments, and the relationship of his analysis to the analyses of Petty, the physiocrats, Adam Smith, Ricardo and Marx. A special concern is with the role of the sciences in the elaboration of Sraffa's systems of equations. The emphasis is on precautions that ought to be taken in order not to misinterpret Sraffa's papers, or his objectivist orientation, and on what I consider to be obvious misunderstandings and misconceptions in the literature.
Journal Article
Place of Cantillon Theories in Economic Sciences
RESEARCH OBJECTIVE: \"Essai sur la Nature du Commerce en Général\", published in 1730, became the basis for formulating economic theories of Hume, Smith and the physiocrats, as well as for the works of Knight and Mises. The aim of the article is to present the economic issues touch on in the essay against the background of the review of the relevant literature in the field of economic theory, as well as the possibility of transforming economic models into practical structures shaping the economic views of future generations. THE RESEARCH PROBLEM AND METHODS: Theoretical issues were confronted with economic knowledge among sample N=600 in 2016-2020. The chi-square (x2) test was used to test the existence of statistical significance between gender and the understanding of the importance of economic issues. THE PROCESS OF ARGUMENTATION: The sample has shown lack of basic knowledge in the economic filed in the aspect of university economic courses. At the same time, only those surveyed who are active on the labour market as entrepreneurs, perceive the need to raise qualifications and make complete knowledge in the examined subject. RESEARCH RESULTS: Cantillon in his essay focuses on the \"economic aspects of human action\". The results of studies conducted at the university have shown, that their basic knowledge in the field of economic sciences is at an unsatisfactory level. CONCLUSION, INNOVATIONS AND RECOMENDATIONS: Contemporary economics mainly omits the entrepreneur in economic models and in the relevant literature, making entrepreneurship a separate scientific field. However, it is a key link, directly affecting both, micro and macroeconomic indicators. The connections and mutual influences described by Cantillon are favourable to thoroughly understanding of economic phenomena in real, economies world. This knowledge should be disseminated not only for better economic estimation, but also for a better understanding of events occurring in the world and the results of their implications.
Journal Article
