Table of Contents

Political Events and Economic Ideas

Political Events and Economic Ideas

Edited by Ingo Barens, Volker Caspari and Bertram Schefold

The influence of political developments on the evolution of economic thought is the main theme behind this book. As the authors reveal throughout the book, history has shown many times that political events can trigger the formulation of new economic conceptions that in turn influence the future economic development of a country.

Chapter 6: Quesnay's Creation of the Tableau Économique in Response to the Economic Weakness of France

Walter Eltis

Subjects: economics and finance, economic psychology, history of economic thought, political economy, politics and public policy, political economy


6. Quesnay’s creation of the Tableau économique in response to the economic weakness of France Walter Eltis1 When François Quesnay began to publish on economics there were unmistakable indications that fundamental change was required in France. The finances of the state were in perpetual difficulty, and it had to borrow at higher interest rates than the private sector. Paris was the intellectual capital of Europe, and France was unquestionably one of Europe’s great powers, but she had difficulty in simultaneously financing the army and the navy which her international ambitions required. In the repeated wars with Great Britain in what has been described as the Second Hundred Years War (dating from 1688 until 1815) military weaknesses associated with inadequacies of finance hampered France’s efforts to match Britain in the colonisation and exploitation of the wealth of North America and India. In the absence of representative institutions such as the British Parliament, the wealthy in France would not consent to the taxation required to establish the French state on a financial foundation commensurate with its political aspirations. Quesnay’s response to the difficulties his country faced was to construct a scientific theory which could explain the economic decline of France, and how it could attain an economic strength which matched its intellectual and cultural leadership. As one of France’s leading natural scientists and a fellow of the Royal Society of London he was well qualified to do this. In the process Quesnay created what Philippe...

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