Physiocracy (from the Greek for "Government of Nature") is an economic theory developed by the Physiocrats, a group of economists who believed that the wealth of nations was derived solely from the value of "land agriculture" or "land development." Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy is perhaps the first well-developed theory of economics.
Tuesday, April 23, 2013
Physiocrat
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And it seems a natural reaction to that, when Adam Smith said No, not just land, but land, labor, and capital.
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