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1、THEROLEOFSPENDINGINPHYSIOCRATICTHEORYJERAHJOHNSONI.Production,617.—II.Money,618.—III.Consumptionandspending,621.—IV.Pattern,623.—V.Agriculture,627.—VI.Conclusion,631.Theinterestwhichthephysiocratstookinagricultureandproductionhasfrequentlybeencontrastedwiththeimportancewhichthemercantil
2、istsattachedtotradeandmoney.^Thephysio-cratsarerightlysaidtohavelookedbehindmoneytogoodsanddeemedthemtruewealth.Theirgreatconcernwastheproductionofthesegoods,ortousetheirword,the"reproduction"ofwealth.Anincreaseinwealth,accordingtotheirthinking,couldbeachievedonlybyproducingasurplusofgo
3、odsoverandabovethecostofthegoodsconsumedinordertoproducethem.Howtoproducesuchasurplus,orproduitnet,wasthegreatquestofthephysiocrats.Theimportanceofcommoditycirculationandconsumptionintheirtheoryofproductionisalmostacommonplace.Lessfamiliar,how-ever,isthecrucialpartplayedbymoneyandspendi
4、ngintheirscheme—arolenolessimportantinphysiocracythaninmer-cantilism.^Itisthatrolewhichweproposetoexaminehere.1.Theliteratureonthephysiocratsisnotvoluminouscomparedwiththatonthemercantilistsortheclassicaleconomists.Thestandardgeneraltreatmentis:GeorgesWeulersse,Lemouvementphysiocratique
5、enFrancede1766a.1770,(2vols.,Paris:FelixAlcan,1910);hisLaphysiocratiea.lafinduregnedeLouisXV(1770-1774)(Pa,ris:PressesUniversitairesdeFrance,1959);andhisLaphysiocratiesouslesministeresdeTurgotetdeNecker(1774-1781)(Paris:PressesUniversitairesdeFrance,1950).AmorerecentworkisFrancoisQuesna
6、yetlaphysiocratie,ed.AlfredSauvy,etal.(2vols.;Paris:InstitutNationald'EtudesDemographiques,1958).ThefirstvolumecontainstenessaysonvariousaspectsofQuesnay'sthought,ashortbiography,andagoodbibliography;thesecondvolumeconstitutesasplendidneweditionofQuesnay'seconomicwritings.Thelatestbooki
7、sRonaldMeek,TheEconomicsojPhysiocracy(London:Allen&Unwin,1962).Itcontainsfiveessaysonphysiocracy,butthebulkofitistranslationsfromphysiocratiewriters.InadditiontothesebasicworksseethetreatmentsbyJosephA.Schumpeter,HistoryofEconomicAnalym(NewYork:OxfordUniversityPress,1954),andth