Yet The Physiocrats Won't Let Her.

https://www.youtube.com/watch?v=7ySOMEbORUY (Loom, Ani DiFranco, 2023, Audio, Topic). 

One of the foundation stones of modern Economics continues to be John Locke's Labour Theory of Property; the natural environment is a common treasury, owned by all. It is only by applying our labour we can turn it into our private property.

That idea inspired the fringe French Physiocrat School. They believed that only agriculture could produce value. Industrial production, even clothes made of spun and loomed wool have no value.

These days the Economically Developed world has become so dominated by the Knowledge Economy; making Movies, TV Shows and Music, along with Hospitality we no longer really think about Industrial production. Where food comes from seems like a mystery, the answer to which has been long forgotten. To give you an idea of how wrong the Physiocrats were.

The Phsyiocrats were all Absolute Monarchists, so they were pretty much all killed during The French Revolution. I think one even had to suffer the indignity of watching his work being ceremonially burned before him at the guillotine before he was executed.

Recently I have been wondering what the Physiocrats would make of things like Fossil Fuels and Rare Earth Minerals. I'm guessing not much, given their hatred of commodity merchants. We'll never know for sure though. Due to them all dying before anyone figured out that you could burn Coal to boil water to make steam to produce motion.

Karl Marx was obsessed with the Physiocrats as he thought they'd proved that the Economy can function without Capital, something which probably influenced Maoism. It actually goes to the Cult of Personality Communists built up around Marx. Even at the time the Physiocrats' work was considered incoherent and incomprehensible. It shows Marx's godlike intellectual superiority that he was able to see the wisdom in their work.

Even in the development of Communism the Physiocrats role was minimal. Although they're still useful for showboating at events like the World Economic Forum.