Anne Robert Jacques Turgot
Anne Robert Jacques Turgot, Baron de l'Aulne, commonly known as Turgot, was a French economist and statesman. Sometimes considered a physiocrat, he is today best remembered as an early advocate for economic liberalism. He is thought to have been the first political economist to have postulated something like the law of diminishing marginal returns in agriculture.
Portrait of Turgot by Antoine Graincourt, now in Versailles
Turgot (by Tardieu)
Statue of Turgot at the Hôtel de Ville, Paris
Turgot after a portrait by Charles-Nicolas Cochin
Physiocracy is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy became one of the first well-developed theories of economics.
François Quesnay, a physician who is considered the founding father of physiocracy, published the "Tableau économique" (Economic Table) in 1758
Pierre Samuel du Pont de Nemours, a prominent physiocrat. In his book La Physiocratie, du Pont advocated low tariffs and free trade.