"The physiocrats started a train of thought which was a powerful stimulus to the development of a labour theory of value and surplus value.They did not, however develop such a theory of value themselves. What attention they gave to the problem of exchange-value and price produced results of an altogether different character. Thus while one of their contributions finds its continuation in Smith, Ricardo, and Marx, the other leads to the post-classical supply and demand and utility theories of value."
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Eric Roll, Baron Roll of Ipsden, A History of Economic Thought (1939), Chapter III, The Founders Of Political Economy, p. 135
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Physiocracy
Physiocracy (from the Greek for "Government of Nature") is an economic theory developed by a group of 18th century French economists who believed that the wealth of nations was derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced
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