Subin C

Development Economics - Physiocrats Subin C

We are starting the Development Economics from Hebrew, then Greeks, Roman, Mercantilism, and Physiocrats. This book gives you an idea of how Economic Theories evolved during this period. I have provided a small idea of theories developed during the time of Hebrew, Greek Economics, Roman Thinkers, Mercantilism, and Physiocrats. The earlier Economics started from Chanakya's "Arthashastra" and Xenophon's "Oeconomicus." Chanakya Economics was ruling of state mixed with Economics and Politics. Xenophon got his concept from Babylonian and Persian thought. Economic principles were inherent in Oeconomicus, Cyropaedia, Heiro and "Ways & Means" [Lowry: 2013-14]. Economics of Hebrew can be traced back from Hebrew's, Hindus and Jewish. Roman Economic Thinkers are Cicero, Seneca, and Pliny with some Economic aspects from Cato, Columella, and Varro. The contribution of Plato and Aristotle is considered to be "The Philosophy of Economics." They are based on the division of labor, motivation, private property and money plus trade. Aristotle contributed to the subject of Economics, but his major contribution lies in Philosophy. Mercantilism is the Economic policy to maximize wealth through the accumulation of Gold and Silver, through economic trade. This is done by the favorable balance of trade, expansion policy, and colonization, etc. Physiocracy is developed from Greek work "Physiocrate" which means Government of Nature. Their theories were based on Land, Land development or Agriculture. Physiocrats prefer agriculture system, whereas Mercantilist prefer foreign trade.