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The Role of Industry In Economic Development: The Contrasting Theories of François Quesnay and Adam Smith

In: The Balance between Industry and Agriculture in Economic Development

Author

Listed:
  • Walter Eltis

    (National Economic Development Office and Exeter College)

Abstract

The benefits from industrialisation as seen by the great French Physiocrats and Adam Smith were immensely different. François Quesnay argued from 1759 onwards that the industrial sector of the economy was ‘sterile’, and that state support for industrialisation in France in the seventeenth century had reduced population, cut living standards and undermined government finances. Adam Smith insisted just seventeen years later, in The Wealth of Nations (1776), that the benefits from the division of labour which could only be enjoyed in industry had already raised the standard of living of a British labourer above that of an African King (pp. 23–4).

Suggested Citation

  • Walter Eltis, 1988. "The Role of Industry In Economic Development: The Contrasting Theories of François Quesnay and Adam Smith," International Economic Association Series, in: Kenneth J. Arrow (ed.), The Balance between Industry and Agriculture in Economic Development, chapter 10, pages 175-197, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-10271-6_10
    DOI: 10.1007/978-1-349-10271-6_10
    as

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