Friday, June 4, 2010

Happy Birthday Francois Quesnay (1694-1774)

Quesnay was a key member of the French Physiocrats who believed that a nation's economic development and wealth was based on the value of land and productive labor. In this they challenged the dominant theory of  mercantilism, according to which national wealth depended on gold reserves and the balance of trade. The Physiocrats were among the first to develop a truly analytical economics, and they influenced the subsequent development of classical economics, most notably Adam Smith and David Ricardo.

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