François Quesnay

Quesnay Tableau

Quesnay - Tableau economique, 1965 - 5891137

François Quesnay (1694 – 1774) was a French economist and the founder of the Physiocracy school of thought. He is best known for his work on the economic theory of the Tableau économique, which was one of the earliest attempts to describe the workings of an economy in an analytical way. Quesnay argued that the wealth of a nation was derived from the value of "land agriculture" and that agricultural products should be highly priced. He was also a personal physician to Louis XV and a frequent visitor at the court of Versailles, where he influenced the economic policies of the time.

Biography

François Quesnay was born on June 4, 1694, in Méré, near Versailles, France. Initially trained as a surgeon, Quesnay shifted his focus to economics and social philosophy after encountering the works of other economists of his time. Despite his late start in economics, his contributions were significant, influencing not only his contemporaries but also future economic thought.

Tableau économique

The Tableau économique (Economic Table) is considered Quesnay's most significant contribution to economics. Published in 1758, it represented the economy as a simple circular flow of income between three social classes: the productive class (farmers), the proprietary class (landowners), and the sterile class (artisans and merchants). Quesnay believed that only the agricultural sector produced a surplus that could lead to the growth of a nation's wealth. This model laid the groundwork for the concept of economic equilibrium and influenced later economic models.

Physiocracy

Physiocracy, from the Greek for "government of nature," is the economic theory developed by Quesnay and his followers. It posits that the wealth of nations is derived primarily from the value of land agriculture or land development and that agricultural products should constitute the basis of the economy. Physiocrats advocated for a single tax on land revenue and opposed mercantilist policies, promoting free trade and a laissez-faire economic policy as the best means to wealth.

Legacy

François Quesnay's ideas had a profound impact on the development of economic thought. His emphasis on the productive powers of agriculture influenced Adam Smith and other classical economists. Although the Physiocratic school itself did not last long, its ideas contributed to the rise of classical economics and the development of modern economic theory. Quesnay's work remains a subject of study for economists interested in the history of economic thought.

Death

François Quesnay died on December 16, 1774, in Versailles, France. His theories and contributions to economics have continued to be celebrated and studied, marking him as a pivotal figure in the history of economic theory.