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Laissez-faire Economics
''Laissez-faire'' ( ; from french: laissez faire , ) is an economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies) deriving from special interest groups. As a system of thought, ''laissez-faire'' rests on the following axioms: "the individual is the basic unit in society, i.e. the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. With the aims of maximizing freedom by allowing markets to self-regulate, early advocates of ''laissez-faire'' proposed a ''impôt unique'', a tax on land rent (similar to Georgism) to replace all taxes that they saw as damaging welfare by penalizing production. Proponents of ''la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Statue Of Adam Smith At Edinburgh
''The'' () is a grammatical article in English, denoting persons or things already mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with pronouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of pronoun '' thee'') when followed by a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mercantilism
Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. The policy aims to reduce a possible current account deficit or reach a current account surplus, and it includes measures aimed at accumulating monetary reserves by a positive balance of trade, especially of finished goods. Historically, such policies frequently led to war and motivated colonial expansion. Mercantilist theory varies in sophistication from one writer to another and has evolved over time. It promotes government regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. High tariffs, especially on manufactured goods, were almost universally a feature of mercantilist policy.John J. McCusker, ''Mercantilism and the Economic History of the Early Modern Atlantic World'' (Cambridge UP, 2001) Bef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Paine
Thomas Paine (born Thomas Pain; – In the contemporary record as noted by Conway, Paine's birth date is given as January 29, 1736–37. Common practice was to use a dash or a slash to separate the old-style year from the new-style year. In the old calendar, the new year began on March 25, not January 1. Paine's birth date, therefore, would have been before New Year, 1737. In the new style, his birth date advances by eleven days and his year increases by one to February 9, 1737. The O.S. link gives more detail if needed. – June 8, 1809) was an English-born American political activist, philosopher, political theorist, and revolutionary. He authored '' Common Sense'' (1776) and '' The American Crisis'' (1776–1783), two of the most influential pamphlets at the start of the American Revolution, and helped inspire the Patriots in 1776 to declare independence from Great Britain, hitherto an unpopular cause. His ideas reflected Enlightenment-era ideals of transnational huma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre Le Pesant, Sieur De Boisguilbert
Pierre le Pesant, sieur de Boisguilbert or Boisguillebert (; 17 February 164610 October 1714) was a French lawmaker and a Jansenist, one of the inventors of the notion of an economic market. Early life He was born at Rouen of an ancient noble family of Normandy, allied to that of Corneille. He received his classical education in Rouen, and was also taught at the Petites écoles de Port-Royal, entered the magistracy and became judge at Montivilliers, near Le Havre. In 1690 he became president of the bailliage of Rouen, a post which he retained almost until his death, leaving it to his son. Taxation proposals In his two leadership positions he made a close study of local economic conditions, personally, supervising the cultivation of his lands, and entering into relations with the principal merchants of Rouen. He was thus led to consider the misery of the people under the burden of taxation. In 1695 he published his principal work, ''Le détail de la France; la cause de la diminuti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre Samuel Du Pont De Nemours
Pierre Samuel du Pont de Nemours ( or ; ; 14 December 1739 – 7 August 1817) was a French-American writer, economist, publisher and government official. During the French Revolution, he, his two sons and their families immigrated to the United States. His son Éleuthère Irénée du Pont was the founder of E. I. du Pont de Nemours and Company. He was the patriarch and progenitor of one of the United States's most successful and wealthiest business dynasties of the 19th and 20th centuries. Early life and family Pierre du Pont was born on December 14, 1739, the son of Samuel du Pont and Anne Alexandrine de Montchanin. His father was a watchmaker and French Protestant, or Huguenot. His mother was a descendant of an impoverished minor noble family from Burgundy. Du Pont married Nicole-Charlotte Marie-Louise le Dée de Rencourt in 1766, also of a minor noble family. They had three sons: Victor Marie (1767–1827), a manufacturer and politician; Paul François (December 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victor De Riqueti, Marquis De Mirabeau
Victor de Riqueti, Marquis de Mirabeau (5 October 1715, Pertuis13 July 1789, Argenteuil) was a French economist of the Physiocratic school. He was the father of Honoré, Comte de Mirabeau and André Boniface Louis Riqueti de Mirabeau. He was, in distinction, often referred to as the elder Mirabeau as he had a younger brother, Jean-Antoine Riqueti de Mirabeau (17171794). Biography Mirabeau was brought up very sternly by his father, and in 1728 joined the army. He took keenly to campaigning, but never rose above the rank of captain, owing to his being unable to get leave at court to buy a regiment. In 1737 he came into the family property on his father's death, and spent some pleasant years till 1743 in literary companionship with Luc de Clapiers, marquis de Vauvenargues and the poet Lefranc de Pompignan, which might have continued had he not determined to marry not for money, but for landed estates. The lady whose property he fancied was Marie-Geneviève, daughter of a M. de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacques Turgot
Anne Robert Jacques Turgot, Baron de l'Aulne ( ; ; 10 May 172718 March 1781), commonly known as Turgot, was a French economist and statesman. Originally considered a physiocrat, he is today best remembered as an early advocate for economic liberalism. He is thought to be the first economist to have recognized the law of diminishing marginal returns in agriculture. Education Born in Paris, Turgot was the youngest son of Michel-Étienne Turgot, " provost of the merchants" of Paris, and Madeleine Francoise Martineau de Brétignolles, and came from an old Norman family. As one of four children, he had a younger sister and two older brothers, one of whom, Étienne-François Turgot (1721–1789), was a naturalist, and served as administrator of Malta and governor of French Guiana. Anne Robert Jacques was educated for the Church, and at the Sorbonne, to which he was admitted in 1749 (being then styled ''abbé de Brucourt''). He delivered two remarkable Latin dissertations, ''On th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anne-Robert-Jacques Turgot, Baron De Laune
Anne Robert Jacques Turgot, Baron de l'Aulne ( ; ; 10 May 172718 March 1781), commonly known as Turgot, was a French economist and statesman. Originally considered a physiocrat, he is today best remembered as an early advocate for economic liberalism. He is thought to be the first economist to have recognized the law of diminishing marginal returns in agriculture. Education Born in Paris, Turgot was the youngest son of Michel-Étienne Turgot, " provost of the merchants" of Paris, and Madeleine Francoise Martineau de Brétignolles, and came from an old Norman family. As one of four children, he had a younger sister and two older brothers, one of whom, Étienne-François Turgot (1721–1789), was a naturalist, and served as administrator of Malta and governor of French Guiana. Anne Robert Jacques was educated for the Church, and at the Sorbonne, to which he was admitted in 1749 (being then styled ''abbé de Brucourt''). He delivered two remarkable Latin dissertations, ''O ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wu Wei
''Wu wei'' () is an ancient Chinese concept literally meaning "inexertion", "inaction", or "effortless action". ''Wu wei'' emerged in the Spring and Autumn period, and from Confucianism, to become an important concept in Chinese statecraft and Taoism. It was most commonly used to refer to an ideal form of government, including the behavior of the emperor. Describing a state of unconflicting personal harmony, free-flowing spontaneity and savoir-faire, it generally also more properly denotes a state of spirit or mind, and in Confucianism accords with conventional morality. Sinologist Jean François Billeter describes wu-wei as a "state of perfect knowledge of the reality of the situation, perfect efficaciousness and the realization of a perfect economy of energy", which in practice Edward Slingerland qualifies as a "set of ('transformed') dispositions (including physical bearing)... conforming with the normative order". Definition Sinologist Herrlee Creel considers wu wei, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
François Quesnay
François Quesnay (; 4 June 1694 – 16 December 1774) was a French economist and physician of the Physiocratic school. He is known for publishing the " Tableau économique" (Economic Table) in 1758, which provided the foundations of the ideas of the Physiocrats. This was perhaps the first work attempting to describe the workings of the economy in an analytical way, and as such can be viewed as one of the first important contributions to economic thought. His ''Le Despotisme de la Chine'', written in 1767, describes Chinese politics and society, and his own political support for enlightened despotism. Life Quesnay was born at Méré near Versailles, the son of an advocate and small landed proprietor. Apprenticed at the age of sixteen to a surgeon, he soon went to Paris, studied medicine and surgery there, and, having qualified as a master-surgeon, settled down to practice at Mantes. In 1737 he was appointed perpetual secretary of the academy of surgery founded by François ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Physiocracy
Physiocracy (; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy became one of the first well-developed theories of economics. François Quesnay (1694–1774), the marquis de Mirabeau (1715–1789) and Anne-Robert-Jacques Turgot (1727–1781) dominated the movement,Steiner (2003), pp. 61–62 which immediately preceded the first modern school, classical economics, which began with the publication of Adam Smith's ''The Wealth of Nations'' in 1776. The physiocrats made a significant contribution in their emphasis on productive work as the source of national wealth. This contrasted with earlier schools, in part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vincent De Gournay
Jacques Claude Marie Vincent de Gournay (; 28 May 1712, Saint-Malo – 27 June 1759, Cádiz), a French economist, became an intendant of commerce. Some historians of economics believe that he coined the phrase '' laissez faire, laissez passer''. Evidence was to be found when the French State parted the West Indies Company privilege - monopoly - on the slave trade. He is also credited with coining the term "bureaucracy". Together with François Quesnay, whose disciple he was, he was a leader of the Physiocratic School. Gournay's father was Claude Vincent, a merchant in Saint-Malo as well as a secretary to the king. Gournay didn't write much, but had a great influence on French economic thought through his conversations with many important theorists. He became instrumental in popularizing the work of Richard Cantillon in France. Gournay was appointed an ''intendant du commerce'' in 1751. One of the main themes of his term in office was his opposition to government regulation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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