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II. The School and its Doctrines - Henry Higgs, The Physiocrats: Six Lectures on the French Economistes of the 18th Century 
The Physiocrats: Six Lectures on the French Economistes of the 18th Century (London: Macmillan and Co., 1897).
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François Quesnay, the founder of the school of the Économistes (or, as they came to be called in later years, the Physiocrates), was born at Méré near Versailles on the 4th of June 1694, the same year as Voltaire, and died at Versailles on the 16th December 1774, the same year as Louis XV. His first published work was Observations sur Us effets de la saignée, 1730, in which he successfully opposed the theories of bleeding of Silva, the leading contemporary medical authority. The reputation of this work led to his selection as Secretary of the Academy of Surgery at Paris, founded 1731. In 1736 he published an Essay physique sur l'économie animale, in 1749 a Traité de la suppuration, and a Traite de la gangrène, and in 1753 a Traité des fiévres continues. Meanwhile defective eyesight had led him to abandon surgery for medicine. In 1749 he had settled at Versailles as physician to Madame de Pompadour. In 1752 he successfully attended the Dauphin for smallpox, and was rewarded by being appointed physician to the king, and given a patent of nobility.1 In 1756 he published an anonymous, metaphysical article on “Évidence”2 in the Encyclopédie, in which appeared the same year his article “Fermiers,” and the following year “Grains,” both over the signature of his son, Quesnay le fils; for the doctor's official position restrained him, as he thought, from publicly writing upon matters of government and administration, and he invariably, throughout his life, published his economical views anonymously or pseudonymously,—sometimes under the name of one of his disciples. The article “Fermiers “begins by balancing with minute detail and intimate knowledge the direct and indirect advantages of using horses or oxen in cultivation, and decides in favour of the former,—the grande culture, as against the petite culture3 Most farmers, Quesnay admits, were too poor to employ horses. The result was a great national loss of wealth. The disastrous poverty of agriculture was mainly due to three causes: (i) the desertion of the children of the peasantry, driven by penury, taille, and milice1 to immigrate into the large towns, whither they brought some of their parents' little capital; (2) the arbitrary taxation which deprived agricultural investors of security in their property; (3) the restrictions which embarrassed the corn trade. It might, he says, be worth while to exempt farmers' sons from the militia, as some of them chose a town life to evade this service. He satirises the view that indigence is a necessary spur to rural industry: hope is a better stimulus than despair, and activity is proportioned to success. He examines the agricultural statistics of the country, of acreage, arable and pasture, live stock, population, production and consumption of corn, the range of prices, expenses of production, and profits. Agriculture was the fundamental industry of the country; liberty and security were its chief requisites. Free trade in corn, permission, and even (as in England) encouragement to export, would greatly diminish fluctuations in annual prices, and conduce to the prosperity of farmers, which would in turn beget further prosperity, and result in higher and more lucrative farming, increased national and individual wealth, a larger and healthier population, and a more flourishing treasury. But, above all, the arbitrary taille was to be given up. Quesnay did not see., he says, how to impose taxation on any just and simple principle; his impôt unique had not yet presented itself to him as the perfect solution of this problem. “La répartition proportionnelle n'est guère possible... II n'est guère possible d'imaginer aucun plan général pour établir une répartition proportionnelle des impositions.” Following, probably, the Abbé de Saint-Pierre's plan of a taille tarifée, he suggested that a personal declaration, somewhat resembling our income tax returns, might be the best basis for assessment But at any rate the taxes should be, as Adam Smith urged some years later, certain, or, in the language of Bentham, cognoscible.
The only writers mentioned in this article are Locke and an agronomic authority, Dupré de Saint Maur. In the next article, “Grains,” we have a much more significant and important exposition of Quesnay's views. For a long time the policy of the Government had been to stimulate manufactures (and especially those of luxuries like silk stuffs), to the detriment of agriculture The people had been forbidden to plant vines, and encouraged to plant mulberry-trees. The true national economic policy was to turn to account the great productive powers of the soil of France, and buy luxuries from abroad —exactly the reverse of what was being attempted. The country would leap into prosperity by good harvests of corn and a free corn trade, at home and abroad. The actual production of corn in the country he estimated as worth about 595,000,000 of livres a year. If properly cultivated, with horses everywhere, the harvests would amount to 1,815,000,000, or more than three times as much; while the surplus, after paying all the costs of production, would be 885,000,000 compared with 178,000,000, or nearly five times the amount1 The details are as follows:—
Agriculture and commerce are regarded as the two resources of wealth in France; but this distinction is, he says, a mere abstraction, for commerce and industry (which is much more considerable than commerce) are but branches of agriculture,—the primary and indispensable source of the other two. The policy of Sully and the “fundamental truths” expressed by Cantillon are praised, the hindrances to viticulture and the wine trade deplored. Large farms, raised to their highest value by well-to-do farmers, are the true basis of prosperity and of a large population. By a rich farmer he means not “a workman who himself tills the soil, but an entrepreneur1 who governs and manages his enterprise by his intelligence and his wealth.” “Those who regard the advantages of a large population only as a means of recruiting large armies judge but ill of the strength of a state. The military merely consider men as potential soldiers; but the statesman regrets men destined for war as the landlord regrets land laid out in a ditch to preserve his field. Great armies drain a state, a large population and much wealth make it redoubtable.... Without human labour land has no value. Men, land, and cattle are the primitive wealth of a great state.” The taille, he now suggests, should be based upon the farmer's rent, so as to spare taxation of his means of production, and to enable him to take the taille into account when considering what rent to offer for his farm. This ideal is not easily attained in the present state of affairs, and for that reason he had proposed a different system in his article “Fermiers”; but his new idea might be applied forthwith to farmers on lease, and, though not without difficulty, to metayers. He would not speak of the petty policy attributed to the Government2 of regarding arbitrary taxation as an assured method of keeping its subjects in submission. Conduct so absurd was not to be imputed to great ministers, who all knew how objectionable and ridiculous it would be. The taillables were men of very modest fortune, needing to be encouraged rather than humiliated. The author of the Remarques, contrasting the enlightened policy and the wealth of England with the unwise policy and the poverty of France, had concluded that England had nothing to fear from her neighbour. But let us adopt free trade, says Quesnay, and we shall be as rich as they. We might, indeed, seem to be in danger from the fertile soils of America; but their competition is not much to be dreaded, for their corn is not of such good quality; it deteriorates in the sea-voyage; and they will soon need all their corn themselves.1 Our corn makes better bread, and keeps in better preservation.
Arrived at this point he proceeds to compare the advantages of a foreign corn trade with that of a trade in manufacture, and lays down fourteen maxims of economic government. Of these maxims, each followed by a short explanation, we shall hear again. Like other parts of this article they are steps towards his crowning work, the Tableau Oeconomique. (i) Labour expended in industry (les travaux d'Industries), as opposed to agriculture, does not multiply wealth, though (2) it contributes to population and the increase of wealth, unless (3) it occupies men to the prejudice of agriculture, in which case it has the contrary effect. (4) The wealth of the agriculturist begets agricultural wealth. (5) Industrial labour tends to increase the revenue from the land, and this again supports industry. (6) A nation having a large trade in its raw products can always keep up a relatively large trade in manufactures; but (7) if it have little of the first and is reduced to the second for subsistence, it is in a dangerous and insecure condition. (8) A large internal trade in manufactured articles can only be maintained by the revenue from the land. (9) A nation with a large territory which depreciates its raw products to favour manufactures, destroys itself in all directions. (10) The advantages of external trade do not consist in the increase of money, (11) The balance of trade does not indicate the advantage of trade or the state of wealth of each nation, which is (12) to be judged by both internal and external trade and especially by the first. (13) A nation which extracts from its soil, its men, and its navigation the best possible result needs not grudge the trade of its neighbours, and (14) in reciprocal commerce nations which sell the most useful or necessary commodities have the advantage over those which sell luxuries. Finally, he sums up the measures which Government should take to render the country prosperous: freedom in the production and circulation of goods; the abolition or diminution of tolls on transport; the extinction of local or personal privileges in dues of the same character; the repair of roads and of river communication; the suppression of the arbitrary discretion of private persons in subordinate administrations, so far as the national revenue was concerned. With these reforms progress would be rapid. Under Henri IV. the kingdom, worn out and burdened with debt, soon became a land of wealth and abundance. To persist in the present courses would devastate the country. A hundred years ago there was a population of 24,000,000. In 1700, after forty years of almost continuous war and the revocation of the Edict of Nantes, there were still 19,500,000. Today there are but 16,000,000, and many of these in extreme misery. Prices must not be too low, for abundance and inability to sell are not wealth i dearness and penury are misery; abundance and a fair price, normal and continued, are opulence. The export of surplus corn would conduce to this fair price. Something must be done to remedy the “enormous degradation of agriculture and of the population.”
This is a bold and a statesmanlike programme. If a serious, cautious, and continued effort had been made to carry it out, the subsequent history of France and of the world would not have been what they are. Other articles were to be contributed by Quesnay,— Hommes, Impôt, and Intérêt de largent,—but the Encyclopedic fell under the official ban in 1757, became a secret publication, and Quesnay withdrew his co-operation. The manuscript of the article Hommes was discovered by Dr. Stephan Bauer in the Bibliothèque Nationale at Paris in 1890. The others are lost.
The article “Grains” shows wider economic reading and deeper thought than the article “Fermiers.” The text is short,—the dissertation comprehensive and far-seeing. It makes mention of Dupre de Saint Maur, the Financier Citoyen,1 D'Angeul's book referred to above (p. 31 n.), Sully, Colbert, Cantillon, and Herbert's Essai sur la police géne'rale des grains, 1755. It contains many indications of Quesnay's later views. But before he next went into print he made, as already described, the acquaintance of Mirabeau, and it was after discussion with that writer that he printed his Tableau Oeconomique in December 1758 at the palace at Versailles. We shall find him inspiring much of the work of other men, notably the Physiocratie of Du Pont, 1767 and 1768, but except some articles in the Journal de F agriculture in 1765 and 1766, and in the Éphémerides du citoyen in 1767 and 1768, he wrote little more that concerns us here; and the Tableau Oeconomique may serve to explain at once the main doctrines of the master and the school.
It is necessary, however, first to return for a moment to the Essai of Cantillon. At page 55 of his Essai Cantillon begins to develop an argument of this kind. If the owners of land shut off their property and allowed no one to labour on the soil, there would be neither food nor clothing available. Every inhabitant of a state is therefore, in a sense, dependent upon the landowner. But since the latter himself desires the means of subsistence he cultivates his land, or lets it out to a farmer, who usually pays him about a third of the product for the use of the soil, retains another third for himself, as profit, and pays the remainder in wages and expenses of cultivation. Now the landlord and the farmer expend part of their shares of the product upon services and commodities furnished by manufacturers, artisans, and other members of society, who are not directly engaged in agriculture. And so it comes about that “the annual produce of the land and labour of the country,” to use the later, favourite phrase of Adam Smith, becomes circulated throughout the community. But the landlords, and especially the sovereign as the largest proprietor, by their modes of living determine the economic activities of the nation. Industries are responsive to, and dependent upon, their demands, their humours, fashions, and style of life. These regulate the uses to which the soil shall be put, and thus determine indirectly the number of inhabitants of the state, which must be limited by the means of subsistence available. Here is the whole theory of the Tableau Oeconomique. Cantillon, with his fine eye for light and shade, characteristically adds (p. 59): “It is true that there are often in the large towns many employers and artisans who subsist by foreign trade, and therefore at the expense of landowners in foreign parts; but at present I am considering a state only with regard to its own produce and its own industry.”
The practical economic problem of contemporary France, as it presented itself to the mind of Quesnay, was of this character. Here is a country, abounding in natural resources, but production is starved in its infancy for lack of capital. Yet capital is only to be obtained by setting it aside out of the fund created by production. If this fund be turned into channels where it is not available for utilisation as producer's capital, the nation is doomed to sterility. How then is wealth distributed throughout the different classes of the nation, and how is a larger portion of it to be diverted from immediate consumption to the benefit of future production? It was clear to him that luxury and extravagance had reached a pitch at which the nation was rapidly impoverishing itself, living above its means and consuming not only its revenue but its capital. To make this intelligible at a glance he designed a chart or table which, so far as rapid intelligibility is concerned, is a ludicrous failure. It occupies one quarto page, and consists of three columns, headed respectively Défenses productives relatives à l'Agriculture, etc., Défenses du Revenue, and Défenses steriles relatives a I'Industrie, etc. He assumes that agriculture “as in England” produces a net product (produit net) or net profit of 100 per cent (in other words a rent of cent per cent) over and above all the expenses of production including farmers' profits. Taking the hypothesis of an employment of 600 livres of capital a year (avances annuelles) in agriculture he attempts to track out the fate of the resulting rent year by year. First of all it goes to the landlord, who spends (it is assumed) half in agricultural produce and half in other expenses (dépenses stériles); and the 600 livres by dotted lines are conveyed, as by divergent streams, from the central column, one-half to the left and one-half to the right The 300 livres which go to the left are again applied to agriculture, and again yield a rent of 100 per cent, or 300 livres (centre column), which is again divided right and left, admitting of a further investment of 150 livres to agriculture, and so on continually. Meanwhile the wealth which has found its way annually to the right of the table in payment for manufactures, lodging, clothing, interest of money, domestic servants, cost of transport, foreign commodities, and generally for everything except the conduct of extractive industry, is divided annually into two portions which are assumed to be equal, of which one is re-expended upon raw material or products of the soil, and is thus reconducted by dotted lines to the column on the left; the other half is consumed “unproductively.” This zic-zac, as Quesnay calls it, was as significant as Lord Burghley's nod in Sheridan's play of The Critic. Whole volumes of political economy were read into it. In a well-known passage, quoted by Adam Smith,1 Mirabeau refers to it as follows: “There have been since the world began, three great inventions which have principally given stability to political societies, independent of many other inventions which have enriched and adorned them. The first is the invention of writing, which alone gives human nature the power of transmitting, without alteration, its laws, its contracts, its annals, and its discoveries. The second is the invention of money, which binds together all the relations between civilised societies. The third is the economical table, the result of the other two, which completes them both by perfecting their object; the great discovery of our age, but of which our posterity will reap the benefit”2
The Tableau is followed by twelve pages of “explanation,” and this again by a restatement of the Tableau without the crossed and dotted lines. Next come four pages of maxims, twenty-three in number, headed Extrait des Oeconomies Royales de M. de Sully. The “explanation” points out that the effective production of the country turns upon the extent to which the left-hand column is alimented. If a large portion of wealth is annually absorbed by the right-hand column without finding its way back to the left, the national dividend is reduced. “Hence it is seen that excess of decorative luxury may very promptly ruin by magnificence an opulent state.” As Voltaire says, when writing a few years later against the Physiocrats, luxuries and new wants were intensifying a refined misery. “Nous sommes pauvres avec goût”1
Given a wise employment of capital such as is assumed in the table, and granting, as is also assumed, that horses everywhere replace oxen in cultivation, it is estimated that the total capitalised wealth of the country should amount to some 59,000,000,000 of livres, or, allowing for a margin of error, from 55,000 to 60,000 of millions. But all this is conditional further upon the absence of eight great obstacles, — the principal causes of decay of an agricultural nation. These are:—
The pretended extracts from the Oeconomies royales of Sully are really the Maximes of economic government of the article “Grains” further worked up and developed. They are too succinct to be stated without full quotation and explanation, and only the gist of them can be given in the course of a further brief summary of Quesnay's views. An able commentary upon them will be found in the excellent little volume of Lavergne. Certain bold maxims or principles of government had indeed been laid down by Sully, the favourite minister, chief agent, and almost sole adviser of the most popular monarch who ever sat on the throne of France; and there was in truth much affinity of spirit between the reforming zeal and the predilection for agriculture which characterised alike Sully and the Physiocrats. But it is hardly doubtful that a further motive with Quesnay was his desire to place himself under the ægis of the great rulers of the state in a glorious past To refer again to the Abbé de Saint-Pierre for comparison,—the Abbe's Projet de paixllperpe'tuelle, 3 vols., 1713, was abridged and published in 1728 as: Abrégé du projet de paix perpétuelle inventé par le roi Henri le Grand, etc. To claim the sanction of Henri IV. and of Sully was to disarm much opposition. And as Sully had declared labourage et paturage sont les deux mamelles de la France, so Quesnay too devised an apophthegm for the motto of his Tableau,—-pauvres paysans, pauvre royaume; pauvre royaume, pauvre rot. His desire was to publish the Tableau in the official Mercure de France, but the tactful Pompadour dissuaded him, foreseeing that the form of the Tableau would expose it to ridicule, such as it encountered at the merciless hands of Linguet in 1771.1 It was, therefore, privately printed in the royal palace of Versailles in December 1758.2 Only a few proofs were struck off, and until 1890 it was believed to be extinct, but in that year a copy of it, slightly revised by Quesnay for further proof, was discovered by Dr. Stephan Bauer among the manuscripts of Mirabeau in the Archives Nationales at Paris; and this copy has been reproduced in facsimile by the British Economic Association in honour of Quesnay's bicentenary in 1894. In 1760 Mirabeau printed the Tableau with some modifications in the sixth part of his L'Ami des Hommes, and again in 1763 in the Philosophie Rurale, and in 1767 in the Elements de philosophie rurale. In June 1766 Quesnay published an Analyse du Tableau Économique in the Journal de agriculture, du commerce et des finances; in November 1765 Objections centre le Tableau economique, and in January 1766 Réponse aux objections, both in the same journal. Quesnay's analysis of his Tableau appears also in the Physiocratie (November 1767), dated Leyden, 1768. Baudeau's Explication du Tableau in the Ephemerides, 1767, Quesnay's Maximes, 1775, and the reprints of Forbonnais, Linguet, Daire and Oncken complete the list of reproductions.
We come now to consider Quesnay's views with regard to taxation. Identifying wealth with material objects he opines that the only industry productive of wealth is that which produces raw material. The labours of artisans and craftsmen may be productive of refinement and utility, but do not add anything to the stock of wealth, for they merely change the form of existing material, and the enhanced value of the object upon which their work is expended is simply the equivalent of the payment for their services. In other words, agriculture alone yields a rent (produit net); manufacture yields none, and is stérile—an unfortunate arid ill-chosen expression which did the Physiocrats much mischief. The statesman's aim should be to meet the national expenses out of national revenues, without trenching upon capital. But as the produit net is the only true revenue, so should it be the only corpus to be taxed. All taxation of persons or of manufactured articles must eventually be paid out of this fund. Simplicity, justice, and economy alike, therefore, require that the taxes should be collected at their source. A single, simple, direct tax (impôt unique) should be levied upon land, and should not exceed one-third of the produit net. Landowners and farmers will adjust their burdens by raising the price of raw materials, every consumer of which will thus pay a share of taxation with the minimum of expense for cost of collection, and the whole cumbrous apparatus of existing fiscal machinery will be swept away. To sum up, the Tableau prescribes wise consumption (individuals, classes, and nations should direct their expenditure so far as possible into “productive” channels), taxation (which must fall eventually upon the land) should be directly levied upon, and should not exceed a small proportion of, the annual net production of the soil, and freedom should be allowed to individuals to prosecute the production and circulation of wealth free from let or hindrance on the part of Government.
So much for the economic and financial bearings of Quesnay's teaching. The philosophical foundation on which it seems to rest will be found in his other writings, especially Le Droit Naturel, which is included in the Physiocratie. Every man, he urges, has a natural right to the free exercise of his faculties provided he does not employ them to the injury of himself or others. This right to liberty implies as a corollary the right to property, and the duty of the state to defend it,—in other words security. The guarantee of security is indeed the sole function of the state. To extend it would be to encroach on individual liberty. The state cannot be too strong for this purpose,—any constitutional checks and balance of power would but weaken the central authority. The despotism of the state is to be tempered only by enlightened public opinion, which will revolt against any infraction of natural law, or rather render it impossible. The Dauphin once bemoaned to Quesnay the difficulty of the kingly office, which he was not destined to live to assume. “I do not see,” said Quesnay, “that it is so troublesome.”— “What then,” asked the Dauphin, “would you do if you were king?” — “Nothing.”— “Then who would govern?” and the laconic answer was, “The law.” On another occasion a courtier, seeing the king wearied with the disputes of clergy and parliament, proposed violent measures: “It is the halberd which governs the kingdom.”— “And pray, sir,” asked Quesnay, “who governs the halberd?” His adversary was reduced to silence. “It is opinion,” added the doctor: “therefore it is upon opinion that you must set to work.”
In Professor Hasbach's opinion Quesnay based his economic views upon a deductive system of philosophy derived from the English writers, Shaftesbury, Locke, and Cumberland. Like them, he appeals to the Law of Nature, but unlike his predecessors (with the exception of Grotius, who had declared for free trade) he extends its sphere beyond religion, politics, and individual life, to the realm of political economy. As Locke was the father of political individualism, so Quesnay was one of the fathers of economic individualism; and his real originality lies in his organic theory of economic life.1 It might be argued that his economic principles were buttressed by, rather than deliberately founded upon, his philosophy; but in the hands of Mercier de la Rivière and others it undoubtedly took on more and more of a philosophical form.
In 1758 Quesnay drew up a table of motives,2 4 pp., 4, somewhat resembling the later work of Bentham, and printed it at Versailles about the same time as the Tableau Oeconomique with which it is uniform in type, paper, and form. The only copy which I have ever seen is in the library of Professor Foxwell at Cambridge, bound up in a volume once the property of Adam Smith, who wrote the name of Quesnay against it in the title-page. It is entitled Observations sur la psychologie, ou science de l'ăme. The versatility of Quesnay's genius is further attested by several writings upon mathematics,1 and in his extreme old age he believed he had solved the problem of squaring the circle. Some analogous belief he may well have held as to the originality and unshakable accuracy of his speculations in economic and financial science; for the exaggerated eulogies of his followers were enough to turn the head of the most modest of men. Exacting from each of his disciples an undertaking not to refer to him by name, and publishing his own views on economics under the anagram of Nisaque, M. H., M. N., M. Alpha, M. de I'Isle, anonymously, or under the sole name of some collaborator, he was the victim of much hyperbolical periphrase for which Mirabeau was usually responsible. He was in turn “the greatest genius of our age,” “the Confucius of Europe,” “the Socrates of our day,” “the Moses of modern times.” Well might Adam Smith say of the Physiocrats, “The admiration of this whole sect for their master, who was himself a man of the greatest modesty and simplicity, is not inferior to that of the ancient philosophers for the founders of their respective systems.”2 He was not without honour in England. The Royal Society elected him a Fellow.1 On the death of Louis XV. he lost his Court favour, lived just long enough to see Turgot's accession to power and commencement of reforms, but died at Versailles the same year, 16th December 1774, before the fall of Turgot, and before the appearance of the Wealth of Nations (both in 1776) which it had been Adam Smith's intention to dedicate to this “very ingenious and profound author,” the “modest and simple” founder of the physiocratic school.2
See Note A, Appendix. The common assertion that this was a recognition of his economic studies is clearly unfounded. These had not yet seen the light.
This article was largely due to his study of Malebranche, Recherche de la Vérité, 1675; Traité de Morale, 1684. It is to be noted that the ordre de la nature of this article differs entirely from the beneficent ordre naturel of Quesnay's later economic writings, which was, in Professor Hasbach's opinion, borrowed from Cumberland, Disquisitio de legibus naturae philosophical, London, 1672, 4to, translated by Barbeyrac, Traité des loix naturelles, 1744.
Under the later influence of Turgot these terms came to mean, in a more general sense, high fanning (a liberal application of capital) as against low farming.
See p. 8, supra. A little later be adds the corvée to the list of abuses needing abolition.
He makes some trifling allowances for taxation, but his arithmetic is often inexact.
This is a noteworthy early use of an economic term whose origin is sometimes attributed to J. B. Say.
He refers here to Remarques sur les savantages et let désavantages de la France et de la Grande Bretagne par rapport au Commerce et aux autres sources de la Puissance des États. Traduit de l'Anglois du Chevalier John Nickolls, Leyden and Paris, 1754. This work, which owes something to Tucker's Brief Essay on Trade, 1750, was constantly present to Quesnay's mind in writing this article and was quoted in the course of it. The real author of the pretended translation was Plumart D'Angeul; and the book was done into English and published at London in 1754 after its appearance at Paris. Daire, by an extraordinary blunder, attributes it to Thomas Mun, and gives the date as 1700. Physiocrates, vol. i. pp. 264, 285.
Cf. a distinguished modern writer in 1882. “It seems certain that in twenty-five years' time, and probably before that date, the limitation of area in the United States will be felt”—Giffen in Statistical Journal, vol. xlv. p. 543.
By J. B. Naveau, Paris, 1757, 2 vols. 12mo.
Wealth of Nations, bk. iv. ch. ix.
The original, rather freely translated by Adam Smith, will be found in the Philosophie Rurale, 1763, vol. i. p. 19.
L'hamme aux quarante écus, p. I.
See post, p. 122, and Note B, Appendix.
The tradition that the king helped to print it must be dismissed as mythical. See Note A, Appendix.
Die allgemeinen philcsophischen Grundlagen, etc., 1890, pp. 59, 67.
A footnote refers to Malebranche, cf. supra, p. 27 n. French economists have shown great fondness for synoptic tables, from Vauban to Fourier.
E.g. Vérités gétmetriques, Amsterdam, 1773.
Wealth of Nations, bk. iv. ch. ix.
28th May 1752, before he commenced writing on economic subjects. Mr. Robert Harrison, assistant secretary of the Royal Society, informs me that his candidature was backed by Buffon, Walmesley, D'Alembert, La Condamine, Grand Jean de Fouchy, Sallier, Bernard de Jussieu, Lieutaud; and W. Watson, Samuel Sharp, N. Munckley.
A statue of Quesnay has, since the date of this lecture, been erected at Méré, where he was born. There are several portraits of Quesnay in existence. To one of these Dr. Hodgson owed his interest in economics. See his lectures on Turgot, London, 1870, p. 66.