A brief résumé of the contributions made to economic science by the Physiocrats will help us to realise their great importance.
From the theoretical point of view we have:
1. The idea that every social phenomenon is subject to law, and that the object of scientific study is to discover such laws.
2. The idea that personal interest if left to itself will discover what is most advantageous for it, and that what is best for the individual is also best for everybody. But this liberal doctrine had many advocates before the Physiocrats.
3. The conception of free competition, resulting in the establishment of the bon prix, which is the most advantageous price for both parties, and implies the extinction of all usurious profit.
4. An imperfect but yet searching analysis of production, and of the various divisions of capital. An excellent classification of incomes and of the laws of their distribution.
5. A collection of arguments which have long since become classic in favour of landed property.
From a practical point of view we have:
1. The freedom of labour.
2. Free trade within a country, and an impassionate appeal for the freedom of foreign trade.