Physiocratic school

The Physiocratic school was an 18th-century economic theory that emphasized agriculture as the true source of wealth. Thinkers like François Quesnay believed that natural laws governed economic activity and that land productivity generated prosperity. They argued that productive land cultivation creates surplus value, which sustains society, and emphasized limiting government intervention to allow markets—especially agriculture—to flourish. This approach contrasted with mercantilism, focusing on real production rather than trade balances or gold reserves. Overall, physiocrats laid the groundwork for economic thought by highlighting the importance of natural resources and productive land in creating national wealth.