This book provides a new interpretation of physiocratic economics and of its contributions to the foundation of economic science. Quesnay's analysis of value and prices is examined in relation to other parts of his economic theory. In contrast to previous interpretations, it emerges that he has a precise price theory, which is an essential factor in his analysis of the nature of national wealth and of the causes of its increase.The author investigates Quesnay's methodology and pinpoints the particular role of the "Tableau Economique" in physiocratic economics. Quesnay's price theory is closely examined; this coherent set of notions is an important bridge between early analysis of the exchange value of commodities and Adam Smith's notions of natural and market price.Most of Quesnay's main contributions are closely related to his analysis of price determination. This is the case in the theory of the origin of surplus, according to which agriculture is the only sector of the economy which yields a net product over costs. The investigation of Quesnay's price theory leads to a new interpretation of the physiocratic theory of distribution. Rent does not absorb the entire surplus; cultivators' profits play an essential role in physiocratic economics.There are flaws and contradictions in Quesnay's economics, but the analysis to his value theory shows that there are important new reasons to regard him as one of the founders of economic science. He paved the way toward Smith's "Wealth of Nations,"
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