ECO 3132 Lecture Notes - Lecture 7: William Petty, Physiocracy, Feudalism
12 Dec 2017
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In addition to having pioneered national accounting and more badly statistical research in the areas of demography and related fields. If we add another input, which has an exchange value compared to corn. You need to know the relative price of both, or exchange right. Establishing equivalence between land and labour: he addressed our problem. The physiocratic movement: the physiocrats had stro(cid:374)g loyalty, they"re leader fra(cid:374)cois quesnay. Loyalty towards their leader: their ideas were an extension of cantillon and boisguilbert. Their policy objective was to favour the establishment of a form of agrarian capitalism on the foundations of the feudal economy. They wanted to implement capitalistic methods in agriculture. The problem was athey tried to create capitalism upon the base of feudalism. Economic system of the physiocrats: wealth: as a consumable and reproducaible goods products of the earth. The other goods such as an industrial good can be reduced back to the original product.
