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Group: 1EV15

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The Physiocratic theory was developed in France during the middle of the 18th century.

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The Physiocratic theory was developed in France during the middle of the 18th century.

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For the Physiocrats the agriculture is the only productive activity because it's the source of rent, net income, new material subsistence, net product and the wages that pay the labor of the industrial population. The main contributions of the Physiocratic theory was that the from the point of view of capitalist economy only labor which yields surplus value can be deemed productive and they took the question of the origin of surplus value out the sphere of exchange and into production, and the money for they is not true wealth, is only a means for the more convenient mutual exchange of the use values ​​that genuinely comprise wealth.

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The Tableau Economique is the first attempt to depict as a unified whole the entire process of the reproduction, circulation, distribution, and consumption of a society's product. Quesnay's wish is to trace out the path of social reproduction, that is to reveal those conditions that make possible the uninterrupted, periodic repetition of the product process, made up of five acts of purchase and sale between three basic classes classes: 1) The class of proprietors, (the landowners, including the crown and the clergy); 2) the productive class (the farmers, who represent the entire agricultural population); and the sterile class (the commercial-industrial population, professional people etc.)

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“Their error, wrote Marx, was that they confused the increase of material substance, which because of the natural processes of vegetation and generation distinguishes agriculture and stock-raising from manufacture, with the increase of exchange value” the Physiocrats confused the production of in natura products (use values) with the production of exchange value and they were mistaken to attribute the ability to yield a net income to agriculture.

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An Inquiry into the Nature and Causes of the Wealth of Nations was presented to the world; it earned him universal acclaim and opened up a new era in the history of economic thought. Hume and the Physiocrats exercised a strong influence on him. Like the Physiocrats, Smith shifts the focus of analysis onto production but it doing so avoids their onesidedness: it is labor in general that he proclaims the sole source of wealth, ie, the entire labor of a nation as distributed over the different branches of production and divided up between society´s individuals members. The source of wealth is labor. The first chapters of The Wealth of Nations,

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During the ministry of Turgot, he restored the freedom of the domestic corn trade, issued a law abolishing the guilds and establishing freedom of occupation. But Turgot's reforms provoked intense dissatisfaction amongst the reactionary sections of society (the court aristocracy, the gentry, and the tax farmers), which led the minister-reformer to resign. The hopes of the Physiocrats notwithstanding, the absolute monarchy and the landowning class proved incapable of carrying out any reform of society, and France rapidly proceeded towards the formidable events od the Great Revolution (1789).