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104- Physiocracy &Physiocrats |Evolution of Economics|History of Economic Thoughts |Economics origin - YouTube
Channel: Easy Learning Economics
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hello friends
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welcome to easy learning economics i'm
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dr carol today we shall learn that what
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is physiocracy and who were the
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physiotraits and
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what was their philosophy and in this
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lecture we shall talk about the features
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of physiocracy
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and what is the difference between
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mercantilism and physiocrates as we
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covered the mercantilism in the previous
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lecture if you want to learn more about
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mercantilism you can watch my video the
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link is given in description box in this
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lecture we shall learn that what is less
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sphere economy
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and what the critics has been made on
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the physio crates and on what grounds
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and finally we shall summarize each and
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everything and also we shall use the
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hair the key word that would be helpful
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to define the physiography and
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physiocrates so here we store that what
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is physiocracy
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the word physiocrates is a greek word
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means natural
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and create means rule
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the natural law or rule of nature
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it means the physiocrate physiocrate
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doctrine
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and philosophy was based on natural laws
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physiocracy is an economic theory of
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wealth
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developed by the group of french
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economists in the mid of 18th century
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and economics of that period are
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nowadays known as physiocrate
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bureaucracy was essentially a mutiny and
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reaction of french against
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mercantilism and mercantilist policies
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of self-interest money-making and power
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prominent physiocrates were the dew
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point quisney who advocated the low
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tariff and free trade and other
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notable physiocrates were
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the marcus labhu
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and and robert jackas target
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led foundation stone of economic
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theories in proper manner physiocrate
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school of economics were the first
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who recognized labor a sole source of
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value their emphasis
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was on the productive work especially on
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the agriculture sector contributions to
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wars and economies wealth physiocrates
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were of opinion
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that wealth was derived solely from
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value of land
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agriculture
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land development and land was merely the
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source of all wealth
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so and agriculture products were needed
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to be priced hard french physiocrates in
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the 18th century developed the theory of
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lacesphere economy
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the term
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less sphere means
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leave a loan from economic intervention
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that less involvement of the government
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is better economy and economy is the
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strongest when government stays out of
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an economy what is the difference
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between mercantilist and physiocrates
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physiocrate's ideology was totally
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different from european economist
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mercantilist who advocated high tariff
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mercantilist was an economic nationalism
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to build a powerful nation
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manufacture products to make wealth and
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accumulate precious metal
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like gold silver and bullion to become
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powerful nation whereas
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physiocrate had the major contribution
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in emphasizing on productive work as
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source of natural wealth and they were
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of belief that industries and trade
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should be free from all restraint and
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controls
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because
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through natural order or freedom a man
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could optimize happiness in doing work
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and self-interest
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and competition could carry
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maximum advantages and lead towards
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better results in the economic matters
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here we are making comparisons of
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mercantilism video cards
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mercantilist believed
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in the government involvement
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whereas
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the physiocrate believed
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in the natural rule and order here the
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natural rule order means economic
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activities should be free from
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government restraint and controls
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mercantilist believed in the value of
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exchange
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physiocrates believed in the
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individualism
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less sphere rule
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self-interest and invisible hand
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concepts mercantilists were of opinion
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that power of country could be judged by
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the position of more gold and coins
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that could be earned by increasing
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export whereas
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agriculture land and natural resources
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are the mere source of wealth this was
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the opinion of physiocrates mercantilist
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believed
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real wealth in gold and precious metal
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physiocrates discovered the land as a
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major source of wealth
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and quisney who was a doctor by his
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profession
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compared the circulation of wealth with
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the circulation of billard
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and explained the theory of distribution
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of wealth mercantilist motto was to
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encourage export and discourage import
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whereas the physiocrates called foreign
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trade as an evil
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and advocated free trade and a country
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should import those products that it
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couldn't produce and export those
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products that it produced and consumed
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more
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moreover agriculture sector plays a key
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role or significant role in the creation
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of net surplus and generation of wealth
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what are the other features of
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physiocrates if we talk about the other
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features of physiocrates we can say that
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the physiocrates
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introduce the three classes in the
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economy what were those classes the
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farmers
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who plus the lands and cultivate the
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crops proprietors who own the properties
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and land and sterile class called
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manufacturers and artisans physio
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creates increased interest on loan
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borrowed for agriculture production
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physio crates increase the rise in
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population also that rise in population
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like to rise in consumption and increase
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in consumption rises production and
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finally wealth of nation increases
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net product was the outcome of nature
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and they advocated a single tax system
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on the agriculture
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and government raised objection over it
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physiocrates
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gave right to landlord to take two fifth
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share of net product in order to
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maintain lane
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and late lord should provide necessary
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funds to farmers for cultivation and
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also help the farmers physio crates
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advocate
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minimum state interference in economic
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activities and government should focus
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on the public work like education health
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security law and order control adam sims
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who is known as father of economics
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supported the philosophy of physiocrates
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why because physiocrates presented the
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real model of an economic activity but
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the kinetics had been made on the
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physiocrates philosophy the physiocrates
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believed only the agriculture sector as
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a mere source of wealth and physiocrates
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regarded manufacturing as unproduct
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their aim was to develop the agriculture
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sector and they ignored the value of
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product they failed to explain the
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absolute freedom of trade they did
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liable merely the landlords to pay tax
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towards the government
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that was unfair and unjustified
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calculation of tax land revenue is
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insufficient to meet the common
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development and non-development needs
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physiocrate theory of distribution of
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wealth was confined to agriculture only
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on the basis of these grounds
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physiocrates
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ideology was criticized here we
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summarize whatever we discussed at
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physiocracy is an economic theory of
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wealth it was the reaction of the french
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against mercantilism in the mid of 18th
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century agriculture production
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had significant contributions to watson
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economics wealth physiocrates developed
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the theory of lasisphere economy
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industries and trade should be free from
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all restraint and controls a country
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should import those products that it
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could not produce and export those
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products that it produced and consume
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more physiocrates encourage the rise in
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population physiocrates advocated a
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single tax system on the agriculture
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this is the summary of the physiogrades
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now
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we are going to
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define the keywords that would be
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helpful in writing and describing the
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physiotherapists and physiocracy so what
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are those key words so the key words are
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the theory of well say that physiographs
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is a theory of wealth
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and it said that the significant the
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word significant here memorize you that
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the
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physiocrate emphasizes on the
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agriculture structure
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and less sphere economy and physiocrates
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ideology was that
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that less intervention of the government
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and whenever the government involved
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there must be a justification for the
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involvement of the government export and
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import like export and import it means
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the physiocrates were emphasized on
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increasing export and discouraging the
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info tax system they introduced a single
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tax system on the
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text should be levied on the landlord
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because who get the benefits of the net
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surplus
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and population though the population
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will recall you that the physical rates
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emphasized on populations to rise why
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because the increase in populations
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still leads to increase in consumption
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and increase in consumption like to
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increase in production and increase in
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products and rises gdp and increases net
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wealth
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net production and physic rates
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introduce the three classes these are
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the keywords that can be helpful in
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writing and describing the physiogrades
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i hope that this will be helpful for you
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if you have any queries and comments
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let me know in comment box thanks for
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watching
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