Books

First edition ("Leyde" issue) of the book that gave the Physiocrats their name, one of the most important and original works on political economy to be published before The Wealth of Nations. Quesnay presented a copy of his book to Adam Smith, who described him as "ingenious and profound, a man of the greatest simplicity and modesty", while pronouncing Quesnay's system to be "with all its imperfections, perhaps the nearest approximation to the truth that has yet been published upon the subject of political economy". François Quesnay (1694-1774) was the court physician to Louis XV, and his notion of a circular flow of income throughout the economy was influenced by the contemporary discovery of blood circulation through the human body. He believed that trade and industry were not sources of wealth, and instead argued that the real economic movers were agricultural surpluses flowing through the economy in the form of rent, wages and purchases. Quesnay argued that regulation impedes the flow of income throughout all social classes and therefore economic development; and that taxes on the productive classes, such as farmers, should be reduced in favour of rises for unproductive classes, such as landowners, since their luxurious way of life distorts the income flow. Physiocratie gathers together, under the editorship of Pierre Samuel Dupont de Nemours, seven essays by Quesnay, each of which had originally appeared in the Journal de l'agriculture under Dupont's editorship. It is preceded by a long introductory "Discours de l'éditeur" by Dupont. The Essays comprise: 1) Le droit naturel. 2) Analyse du Tableau Économique. 3) Observations importantes. 4) Maximes générales du gouvernement économique d'un royaume agricole. 5) Problème économique. 6) Dialogues sur le commerce, et sur les travaux des artisans. 7) Second problème économique. READ MORE Octavo (188 x 180 mm). Contemporary mottled calf, spine richly gilt in compartments, with morocco lettering-piece, marbled endpapers, red edges. In 2 parts, with divisional title (Discussions et développemens sur quelques-unes des notions de l'économie politique) but continuous pagination and register. Engraved frontispiece. Engraved bookplate of Louis Jérome Raussin, doctor of medicine in Reims, to front pastedown. Leaves g1, B3, G4, L7, L8, N4, N5 & P2 in cancelled state as usual. Light surface wear to boards, occasional light spotting; a very good copy. Books that made Europe, p. 154; En Français dans le texte 163; Einaudi 4431; Goldsmiths' 10391; Higgs 4263; Kress 6548; Mattioli 2808-29809; Sraffa 4809.