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The Physiocratic Theory of Economic Policy

In: Essays in the History of Mainstream Political Economy

Author

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  • Warren J. Samuels

    (Michigan State University)

Abstract

The conventionally accepted interpretation of the Physiocratic theory of economic policy1 is that of laissez-faire. While partial dissents have been registered, the laissez-faire view has persisted substantially unchallenged. The purpose of this article is to restate the theory of economic policy to which Physiocratic doctrine can be meaningfully and operationally reduced, including a delineation of the role of laissez-faire.

Suggested Citation

  • Warren J. Samuels, 1992. "The Physiocratic Theory of Economic Policy," Palgrave Macmillan Books, in: Essays in the History of Mainstream Political Economy, chapter 2, pages 28-46, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12266-0_3
    DOI: 10.1007/978-1-349-12266-0_3
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    Cited by:

    1. Michael Makowsky & Richard Wagner, 2009. "From scholarly idea to budgetary institution: the emergence of cost-benefit analysis," Constitutional Political Economy, Springer, vol. 20(1), pages 57-70, March.
    2. Fabio Masini, 2012. "Designing the institutions of international liberalism: some contributions from the interwar period," Constitutional Political Economy, Springer, vol. 23(1), pages 45-65, March.
    3. Richard E. Wagner, 2015. "Welfare Economics and Second-Best Theory: Filling Imaginary Economic Boxes," Cato Journal, Cato Journal, Cato Institute, vol. 35(1), pages 133-146, Winter.
    4. Warren Samuels, 2007. "The interrelations between legal and economic processes: a consideration of the reactions," Constitutional Political Economy, Springer, vol. 18(4), pages 243-285, December.
    5. Francesco Luna, 1993. "From the History of Astronomy to the Wealth of Nations: Wonderful Wheels and Invisible Hands in Adam Smith's Major Works," UCLA Economics Working Papers 691, UCLA Department of Economics.

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