Phyioscracy and the Nigerian System
FACULTY OF SOCIAL SCIENCES
NAME: IFELOLA, OLUWADUNSIN P
MATRIC NO: 100901091
DEPARTMENT: ECONOMICS
COURSE: HISTORY OF ECONOMIC THOUGHT
COURSE CODE: ECN 224
ASSIGNMENT: Write down 10 ways the Physiocrats ideology can help Nigeria to diversify their economy.
INTRODUCTION
For a proper analysis and knowledge of this problem, It would be imperative to explain the following terms
* Physiocrats * Diversification
PHYSIOCRATS
Physiocracy is a school of thought founded by François Quesnay (1694-1774), a court physician to King Louis the 15th. At one point in time Physiocracy constituted a sort of religious movement that attracted a number of outstanding and extremely fervent believers, and exerted no small influence on real politics. The history of the Physiocratic movement is thought to have begun in 1757, when Quesnay met Mirabeau the elder (1715-89), and come to an end in 1776, with the fall of Turgot (1727-81). The actual members of the Physiocratic school referred to themselves not as Physiocrats but as économistes. The term “physiocracy” apparently came into general use after having first appeared in 1767, with the appearance of a collection of Quesnay’s works published by Pierre du Pont under the title Physiocratie, ou Constitution Naturelle du Gouvernement le Plus Avantageux au Genre Humain. The term is of course a combination of “physio” (nature) and “cracy” (rule), thus meaning the “rule of nature.” This expresses the school’s fundamental idea that there is a natural order, as opposed to artificial systems, and that the mission of scholarship and politics being to understand this natural order and bring it into existence, thereby bringing about this rule of nature. The Physiocrats have been the subjects of so many and such divergent appreciations by historians, philosophers, economists, and students of political science, that hardly a single general proposition of importance has been advanced with regard to them by one writer which has
NAME: IFELOLA, OLUWADUNSIN P
MATRIC NO: 100901091
DEPARTMENT: ECONOMICS
COURSE: HISTORY OF ECONOMIC THOUGHT
COURSE CODE: ECN 224
ASSIGNMENT: Write down 10 ways the Physiocrats ideology can help Nigeria to diversify their economy.
INTRODUCTION
For a proper analysis and knowledge of this problem, It would be imperative to explain the following terms
* Physiocrats * Diversification
PHYSIOCRATS
Physiocracy is a school of thought founded by François Quesnay (1694-1774), a court physician to King Louis the 15th. At one point in time Physiocracy constituted a sort of religious movement that attracted a number of outstanding and extremely fervent believers, and exerted no small influence on real politics. The history of the Physiocratic movement is thought to have begun in 1757, when Quesnay met Mirabeau the elder (1715-89), and come to an end in 1776, with the fall of Turgot (1727-81). The actual members of the Physiocratic school referred to themselves not as Physiocrats but as économistes. The term “physiocracy” apparently came into general use after having first appeared in 1767, with the appearance of a collection of Quesnay’s works published by Pierre du Pont under the title Physiocratie, ou Constitution Naturelle du Gouvernement le Plus Avantageux au Genre Humain. The term is of course a combination of “physio” (nature) and “cracy” (rule), thus meaning the “rule of nature.” This expresses the school’s fundamental idea that there is a natural order, as opposed to artificial systems, and that the mission of scholarship and politics being to understand this natural order and bring it into existence, thereby bringing about this rule of nature. The Physiocrats have been the subjects of so many and such divergent appreciations by historians, philosophers, economists, and students of political science, that hardly a single general proposition of importance has been advanced with regard to them by one writer which has