Jacques Turgot,
Anne-Robert-Jacques Turgot (Baron de l'Aulne) was perhaps the leading economist of 18th Century France. Although often lumped together with Quesnay and the Physiocrats, his contributions were quite distinct and advanced considerably upon Physiocratic theories. Turgot can be said to have formed a distinct school of his own, counting the Abbé Morellet and the Marquis de Condorcet as close friends and disciples. More importantly, Turgot exercised a deep influence upon Adam Smith, who was living in France in the s and was on intimate terms with Turgot. Many of the concepts and ideas in Smith's Wealth of Nations are drawn directly from Turgot.
Born to a prosperous merchant family in Paris, Jacques Turgot's father was the Michel Turgot to whom, apparently, is owed the celebrated "Map of Paris" of A brilliant student at the Sorbonne, Jacques Turgot was originally destined for a clerical-academic career. He was made a prior of Sorbonne in and composed two discourses to be read in Latin.
Turgot's second discourse, on the progrés successifs de l'ésprit humain () outlined his famous phil
Probably Turgot’s most important contribution to economics was to point out that capital is necessary for economic growth, and that the only way to accumulate capital is for people not to consume all they produce. Most capital, he believed, was accumulated by landowners who saved the surplus product after paying the cost of materials and of labor. Turgot agreed with Quesnay’s notion of the circular flow of savings and investment, where savings in one period become investment in the next.
In Reflections, Turgot analyzed the interdependence of different rates of return and interest among different investments, noting that interest is determined by the supply and demand for capital. Although the rates of return on each investment may vary, he argued, in a competitive free-market economy with capital mobility, rates of return on all investments will tend toward equality:
As soon as the profits resulting from an employment of money, whatever it may be, increase or diminish, capitals turn in that direction or withdraw from other employments, or withdraw and turn towards other employments, and this necessarily alters in each of these employments, the relation between
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Turgot&#;s Life ()
Turgot was born in Paris on May 10, and
died in Paris on March 20, He came
from an old Norman family but did not always use
his title Baron d&#;Aulne. He was an economist of
the Physiocratic school, a politician, a reformist
bureaucrat and a writer. His family wanted him to
become a priest, so he was educated at the college
of Louis-le-Grand, before taking a degree in
theology at the seminary of St. Sulpice and at the
Sorbonne.
It was while studying theology that
Turgot discovered political economy and wrote
his first essays on economics and history, most
notably an oration on &#;A Philosophical Review of
the Successive Advances of the Human Mind&#;
() where he made the first
of several contributions to the development of the
&#;4 stage theory&#; of economic and social
development from hunter gatherers, to slave-based
societies, to the peace and prosperity made
possible by market society. In he decided
not to enter the priesthood, preferring instead a
career in royal administration.
In December Turgot was finance minister of France from under King Louis XVI. Image Above Oil on canvas by an unknown artist, 18th century Versailles He received a lot of heat for his reforms. But, while trying to keep France's money together, he also made enemies by being against French support for American revolutionaries (see also Vergennes). He was fired on May 12, See also Taxation in Pre-Revolutionary France Maydianne andrade biography of abraham October’s Diversity in STEM pick is Maydianne Andrade! Maydianne is a Jamaican-born Canadian ecologist. She is known for her work on the mating habits of spiders, in particular Missing: abraham. Wing shya biography for kids 夏永康 （英语： Wing Shya，年 —）， 香港 出生，香港 摄影师， 导演 及平面 设计师。 夏永康曾在 香港中国妇女会中学 、 李惠利工业学院 和 明爱白英奇专业学校 及 加拿大 艾蜜莉 Missing: biography. Hyun jung chang biography The industry pioneer in UFC, Bellator and all things MMA (aka Ultimate Fighting). MMA news, interviews, pictures, videos and more since Audun iversen biography of albert einstein Albert Einstein was a German physicist of the XIX and XX centuries. He was born on March 14, and died on April 18, Einstein was known mainly for the Missing: audun iversen. Jannat saud daughter poems Javeria Saud is a renowned Pakistani celebrity who is loved for her upaplogateic and bold personality. She loves to express her views on various viral issues. Fans also loved the Missing: poems. Rosel rao biography of mahatma Jyotiba Phule Biography: Know the early life of Mahatma Jyotirao Phule, his contributions as a social reformer and some interesting facts. Read Now!
he was appointed a councilor to the Paris
Parlement where he served , and in
purchased the office of maî
Anne Robert Jacques Turgot de l'Aulne
The French Budget
Anne Robert Jacques Turgot, contrôleur général des finances or controller general of finances
Turgot's main feat were his Six Edicts, which he put forward in
Portrait of Anne Robert Jacques Turgot, intendant of Limousin
Oil on canvas by unknown artist
after the painting of Francois-Hubert Drouais
© REGION LIMOUSIN. Service de l’inventaire et du patrimoine culturel.
Tableau : portrait en buste de Anne-Rober-Jacques TURGOT, Préfecture de Limoges
Photographer: Philippe Rivière.
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