A Biography of A.R.J. Turgot – Part 3 – THE THEORY OF PRODUCTION AND DISTRIBUTION

In one sense, Turgot’s theory of production followed the physiocrats– only agriculture is productive, so there should be a single tax on land. But the major thrust of his theory of production was quite different from that of physiocracy. Even though only land was supposed to be productive, Turgot readily conceded that natural resources must […]