Definition, Meaning & Synonyms
physiocrat
Noun
/ˌfɪziˈɒkræt/
Definition
A follower of physiocracy, an economic theory that emphasizes the importance of agriculture and land in wealth creation.
Examples
- Adam Smith critiqued the ideas of the physiocrats in his economic writings.
- Many physiocrats advocated for a free market in agricultural goods.
Meaning
Physiocrats believe that the wealth of a nation is derived solely from its land and agricultural production, rather than from industry or commerce.
Synonyms
- Agrarian economist
- Land economist
