Books

First edition, Leiden issue as usual, of the books 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, a compilation of Quesnay's major writings which offered in one work the complete Physiocrat doctrine. 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 second volume comprises his own commentary and analysis. Quesnay's 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. 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" (cited in Rae, p. 216). A very small number of copies were initially issued with a fictitious Peking imprint. The remainder were withdrawn due to an offending passage on leaf Giv (pp. 103-4), and reissued with the Leiden title page and the offending passage cancelled as here. Altogether there are eight leaves in cancelled state (g1, B3, G4, L7, L8, N4, N5, P2). READ MORE 2 parts in Two volumes, octavo (200 x 119 mm). Contemporary mottled calf, red morocco title labels and brown calf numbering labels, gilt floral ornaments in compartments, marbled endpapers, red edges. Housed together in custom cloth and card slipcase. Engraved frontispiece, engraved vignettes to both title pages. Continuous pagination and register. Bookplate to front pastedowns of Thomas Maitland, Lord Dundrennan (1792-1851), Solicitor General for Scotland (1840-41 & 1846-50) and Member of Parliament for Kirkcudbrightshire (1845-50); early inscription to title pages faded beyond legibility. Neat restoration at extremities, tear to head of title of vol. I with early repair, first two leaves of volume II strengthened in gutter at the foot, first few leaves in each slightly browned. 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 2808-2809; Sraffa 4809.