physiocrat

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“
He holds, however, with Adam Smith, that 'no equal quantity of productive labour employed in manufactures could ever occasion so great a reproduction as in agriculture' (_Grounds of an Opinion, etc. _, p. 35) -- a relic of the 'physiocrat' doctrine.

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  1. One who advocates the doctrines of physiocracy; specifically, one of a group of French philosophers and political economists, followers of François Quesnay (1694-1774), which rose to prominence in the latter half of the eighteenth century, and maintained that a natural constitution or order exists in society, the violation of which has been the cause of all the evils suffered by man. A fundamental right derived from this constitution or order was held to be freedom of person, of opinion, of property, and of contract or exchange. The physiocrats regarded land or raw materials as the sole source of wealth, leaving out of account the elements of labor and capital, and denying the dogma of the. mercantile system that wealth consists in the precious metals. They maintained that, as wealth consisted entirely in the produce of land, all revenue should be raised by a direct tax on land. They advocated complete freedom of trade and the doc trine of laisser-faire. See physiocracy. There is no other thinker of importance on economic subjects in France till the appearance of the physiocrats, which marks an epoch in the history of the science. Encyc. Brit., XIX. 359. Commerce, according to the theory of the physiocrates, only transfers already existing wealth from one hand to another. W. Roscher, Pol. Econ. (trans.), § 49.

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  • He holds, however, with Adam Smith, that 'no equal quantity of productive labour employed in manufactures could ever occasion so great a reproduction as in agriculture' (_Grounds of an Opinion, etc. _, p. 35) -- a relic of the 'physiocrat' doctrine. —  The English Utilitarians, Volume II (of 3) James Mill
 

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  1. from Greek φύσις, nature, + κρατεῑν, rule: see physiocracy.
 

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