Réflexions sur la formation et la distribution des richesses
"The analytic national economics has taken hundreds of years to get to where it already could have stood twenty years after publication of Turgot's treatise - had its contents truly been understood and taken up by alert scientists," Joseph A. Schumpeter wrote on Turgot's "Réflexions." Anne Robert Jacques Turgot (1727-1781) is now considered as an early example of an economist who was able to successfully implement his theories in the political practice and rejected the rigid attitude of his physiocratic contemporaries. His main work, "Reflexions sur la formation et la distribution des richesses," was written in 1766 and was anonymously published in three parts starting in 1769 in the magazine published by DuPont de Nemours "Ephémérides du citoyen." Turgot was the first to formulate the law of diminishing returns - an achievement that was seen as the most important contribution to the further development of the theory, in addition to the discovery of the economic cycles. Turgot also attempted to clarify the interest rate problem. As a result, he attributed considerable significance to the interest rate mechanism as the regulator of economic life; further, he was considered to be the father of the fructification theory of interest.
Weitere Infos & Material