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This is a personal project by @dellsystem. I built this to help me retain information from the books I'm reading.

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(noun) a member of a school of political economists founded in 18th century France and characterized chiefly by a belief that government policy should not interfere with the operation of natural economic laws and that land is the source of all wealth


Smith was both extending and breaking with the analysis of the Physiocrats, political economists of eighteenth-century France who believed that the natural productivity of the land, set in motion by agriculture, was the origin of all wealth. For them, surplus value--the "additional" value produced between input and output in a production process--was possible only as a gift from nature. Their policy conclusion was logical if agriculture was the source of the surplus upon which the state and all society depended, then anything that hindered it (taxes, trade restrictions, etc.) was bad.

—p.18 Capitalist Political Economy: Smith to Marx to Keynes and Beyond (17) by Geoff Mann
notable
6 years, 8 months ago