Anonymous In: EconomicsExplain the difference between Mercantilist vs Physiocrats Explain the difference between Mercantilist vs Physiocrats ShareFacebookRelated Questions What is Balance of Payment? Explain in detail Explain Harrod Domar Model How to Earn More Money from YouTube? Some basic but important Tips1 AnswerVotedRecentOldestMehreen 18 Questions 4 Answers 0 Best Answers 251 Points View Profile Mehreen Beginner 2020-11-29T15:35:20+00:00Added an answer on November 29, 2020 at 3:35 pm Mercantilist vs Physiocrats Physiocrats school of economics thought François Quesnay 1694 to 1774 was the founder and the leader of the Physiocrats school. He was the son of landed proprietor trained to be a physician he made fortune through his skill in medicine and surgery. He rose tRead moreMercantilist vs Physiocrats Physiocrats school of economics thought François Quesnay 1694 to 1774 was the founder and the leader of the Physiocrats school. He was the son of landed proprietor trained to be a physician he made fortune through his skill in medicine and surgery. He rose to be court physician Louis xv and Madame de pompadour. In 1750 he met Gournay and soon became more interested in economics than in medicine .Vincent de Gurnay an in spector of the quality of product as guaranteed by trademarks is credited with uttering the famous phrase “ Laissez faire “ this word introduce by Vincent de Gournay means non-intervention of govt.Noted: Physiocrats or physiocracy it means supremacy and it means nature or natural forces.The major point of Physiocrats school of economics thought1 this school of economics thought emphasized on natural forces According to them economy should operate freely and there should be no intervention of govt a govt should provide protection to the people and work for interest and benefits of the public. 2 according to this school of economics agriculture is the most productive sector than industrial the govt should give more importance to this sector so they believed that industrial sector is sterile and not productive so they give more importance to agriculture and protect the interest of trader and merchant. 3 they impose taxes on land lords nobels and clergy at that time the nobel and clergy people are not give taxes and the peasant pay very high taxes this school of economics thought give more stress on direct taxes and discourage indirect taxes. 4 Physiocrats discouraged expenditure on luxuries because it reduces the wealth of country 6 physiocrats analysed the economy as a whole and discussed the circular flow of income in economy. They put economics on scientific ground after the establishment of taxation system Anne Robert Jacques Turgot further he worked in this school of economics thought and go against Nobel landlord and clergy people he stand with those people who work for land lord and nobles without payment. Mercantilis Schl of economics thought When the feudal society weekend and feudal lords were losing their hold and power a new school of economics thought emerged which is called mercantilism or mercantilist which prevailed between Middle Ages till (1500 to 1776) and founder was A. Thomas Mun (1571-1641) …….etc Some main points of this school of economic thought1 this school of thought believed in accumulating more wealth and bullionisms (bullionists) according to this point when a nation have more wealth they are more strong and more developed.2 it advocated nationalism it was in favor of strong central govt to protect the interest of trades and merchants 3 it prohibited the export of raw material and to utilize it inside the country for making finished goods 4 inside the country it favored free trade and policy of protectionism and discourage the taxes however outside in the world it favored to impose heavy duties on imports and encourage it exports.Further this school of economics thought work more and developed more industrialized tools and machinery See less0 Share ShareShare on FacebookShare on TwitterShare on WhatsAppYou must login to add an answer. Username or email* Password* Remember Me! Forgot Password?