Anne Robert Jacques Turgot (may 10, 1727 – mar 18, 1781)

Description:

Physiocrat who had political power over the economy, controller general. Wanted to liberalize the french system which was full of bureaucratic blockages and regulations of sale and price.

Corvée was the practice of having unpaid work performed by peasants at times, the elite had grown used to this practice on their estates. Turgot thought this was not ecenomic and should be left to contractors. Because he tries to change this fast, there is a lot of resistance by aristocrats and the elite have him out of office in a few years.

Discovered the concept of diminishing return in agriculture, where the increases in an input produced incrementally less output.

Added to timeline:

Date: