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Topics: Economic Systems - 4. Physiocratic School
4. Physiocratic School
PHYSIOCRATIC SCHOOL, the name given to a group of French economists and philosophers. The heads of the school were François Quesnay (q.v.) and Jean Claude Marie Vincent, sieur de Gournay (1712-1759). The principles of the school had been put forward in 1755 by R. Cantillon, a French merchant of Irish extraction (Essai sur la nature du commerce en général). whose biography W. S. Jevons has elucidated, and whom he regards as the true founder of political economy; but it was in the hands of Quesnay and Gournay that they acquired a systematic form, and became the creed of a united group of thinkers and practical men, bent on carrying them into action. The members of the group called themselves les economises, but it is more convenient, because unambiguous, to designate them by the name physiocrats (Gr. φÏ
