Essay: Working of the Economy

Sample Essay

Francois Quesnay is another great scholar known to have made contributions in the economic studies in the era before the eighteenth century. He published the Economic Table which aided in explaining the working of the economy, and which is considered as one of the first attempts made to the economic thought. In the table he described three classes, landowners, farmers, and the sterile class which he assumed consumed everything the farmers produced with no left over surplus.

Quesnay assumed that it was only the farmers that could produce a surplus, and which could be used in the next year to produce more and aid in growth, and he emphasized more on the agricultural sector than the manufacturing sector which has not yet developed. This point of view of Quesnay differed from that of Smith in regards to a surplus in the economy (Kurz & Salvadori, 1997).

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