French Classical Political Economy

Finance and Economics 3239 11/07/2023 1033 Samantha

内容 The French classical political economy was a school of thought developed during the 18th century in France that attempted to understand economic and social behavior in terms of natural laws. This school drew upon the ideas developed by economists like Adam Smith, Jean-Baptiste Say, David Ricar......

内容

The French classical political economy was a school of thought developed during the 18th century in France that attempted to understand economic and social behavior in terms of natural laws. This school drew upon the ideas developed by economists like Adam Smith, Jean-Baptiste Say, David Ricardo and others, but it differed from the British approach. Instead, the French classical political economists sought to systematize their economic analysis by looking for universal laws, and they used abstract principles to create a theory of economic activity.

The central idea of French classical political economy was that the true source of wealth was labor, not capital, and that the natural progress of economic activity was through a process of capital accumulation. This idea was established by mathematician and philosopher and public finance professor, François Quesnay, in his Tableau économique, published in 1758. Quesnay argued that it was labor, not capital, that was the main source of wealth, and that capital was only able to accumulate when it was invested in agricultural production.

French classical political economists sought to systematize their economic analysis by looking for universal laws. They used the theory of supply and demand to explain economic prices and the labor theory of value to explain economic production and distribution. They believed that economic behavior could be understood in terms of natural laws, and that these laws could be used to predict economic behavior.

In addition to these basic theoretical concepts, the French classical political economists sought to understand the dynamics of economic growth and development. They saw the development of nations as being dependent upon the ability of capital and technology to increase the productivity of labor, and they paid close attention to the functioning of international markets and to the processes of industrialization.

The French classical political economists also recognized the importance of the state in influencing economic decision-making and in promoting economic growth. They argued that the state should intervene in the economy to correct any market failures and to promote industry and commerce. They also argued that government policies should be designed to ensure that labor received a fair share of the benefits from economic growth.

The main figures of French classical political economy included Quesnay, Say, A.R.J. Turgot, and J.B. Say. These thinkers argued that economic activity was best regulated by individual self-interest and free competition in markets, and that government intervention in economic activity should be used to stimulate economic growth.

The school of French classical political economy declined in importance in the 19th century, as new economic thought developed. However, the ideas of the French classical political economists remain influential today, as do their contributions to understanding economic behavior, the dynamics of economic growth, and the role of the state in regulating the economy.

Put Away Put Away
Expand Expand
Finance and Economics 3239 2023-07-11 1033 WhisperingWind

French Classical Political Economy French classical political economy is an important branch of French Enlightenment and a branch of classical economics advocated by scholars in the 18th and 19th centuries in France. It is an important school of early modern classical economics. The political econ......

French Classical Political Economy

French classical political economy is an important branch of French Enlightenment and a branch of classical economics advocated by scholars in the 18th and 19th centuries in France. It is an important school of early modern classical economics. The political economists advocating the French classical political economy, especially the representatives of the physiocrats and mercantilists, have different opinions on economic theory, but can roughly be divided into two branches.

The first branch is the physiocrats represented by Turgot, Quesnay, Gournay and Mirabeau, who put forward the concept of natural economic order, advocating the reform of the economic system of agricultural production, claiming to regard land as the only source of wealth, emphasizing the continuous and continuous operation of economic activities, affirming the circulation of wealth and economic flow, advocating economic freedom and opposing government intervention.

The other branch is the economists of the French mercantilist school, such as Colbert, Vauban, Boisguillebert and Gillaume de la Rivera. It claims that agriculture, industry and trade constitute the three elements of production and put forward the concept of negotiated economic order, that is, to increase the national wealth by mobilizing resources, developing industry and trade, strengthening the balance of payments and increasing the export surplus. The ideas of French classical political economy are treated differently by economists of different schools, but it has a certain degree of influence on the development of economic theory.

Put Away
Expand

Commenta

Please surf the Internet in a civilized manner, speak rationally and abide by relevant regulations.
Featured Entries
Malleability
13/06/2023
slip
13/06/2023