The Collaborative International Dictionary
Physiocrat \Phys"i*o*crat\, n. [Gr. fy`sis nature + ? to rule.]
One of the followers of Quesnay of France, who, in the 18th
century, founded a system of political economy based upon the
supremacy of natural order.
--F. A. Walker. --
Phys`i*o*crat"ic, a.
Wiktionary
n. (context economics historical English) Any of a group of economists in 18th century France who believed that the government should not seek to influence the operation of natural economic laws.
Usage examples of "physiocrat".
Condillac, Galiani, and Graslin, from that of the Physiocrats, with Quesnay and his school.
The Physiocrats allow themselves to posit only the material reality of goods, which means that the formation of value in exchange becomes a process costly in itself and must be debited against existing goods.
The Physiocrats begin their analysis with the thing itself which is designated in value, but which exists prior to the system of wealth.
The economists of the eighteenth century - whether Physiocrats or not - thought that land, or labour applied to the land, made it possible to overcome this scarcity, at least in part: this was because the land had the marvellous property of being able to account for far more needs than those of the men cultivating it.
Together with physiocrats like Du Pont de Nemours they hammered out an economic policy that was a calculated compromise between free enterprise and state paternalism.
France, the only country where there was what we might call rival thinking, the theories of the so-called physiocrats were very different and, as it soon turned out, nowhere near as fruitful or accurate.
The physiocrats were significant because they too encouraged the idea that, in the eighteenth century, there was a shift to commercial society and with this went an acceptance of commerce and exchange as important to the understanding of the laws of human nature.
Side by side with the Encyclopaedists were the Economists or Physiocrats, who were making bold and crude enquiries into the production and distribution of food and goods.