Physiocracy (from the
Greek for "Government of Nature") is an
economic theory developed by a group of 18th century
Enlightenment French
economists who believed that the wealth of nations was derived solely from the value of "land
agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in
France and were most popular during the second half of the 18th century. Physiocracy is perhaps the first well-developed theory of
economics.