Definition

A person who is part of a group of economists from 18th century France that believed the government should not interfere with natural economic laws and that land is the main source of wealth.

Example

The physiocrat argued that agricultural production was the foundation of a healthy economy.

Conversation

Have you ever heard about the ideas of a physiocrat?

No, I haven't. What do they believe in?

They thought that the government shouldn't interfere with natural economic laws.

That sounds interesting! I wonder how that worked out in practice.

Synonyms & Antonyms

Root Explanation

Physiocrat → It is formed from "physio-" (from Greek "phusis", meaning nature) and "-crat" (from Greek "kratos", meaning power or rule). The term refers to those who believe in the rule of nature in economic matters, emphasizing the importance of natural resources and agriculture in the economy.

Memory Tip

Think of 'nature' ('physio-') having 'power' ('-crat') over economic systems — that's why physiocrats focus on the natural order in economics.

Visually Confused Words