IN CONTEXT
Growth and development
François Quesnay (1694–1774)
1654–56 English economist William Petty conducts a major land survey of Ireland to calculate its productive potential for the English army.
1766 Adam Smith states that labor, not land, is the greatest source of value.
1879 US economist Henry George argues that land should be held in common by society, and that only land should be taxed—not productive labor.
1950s US economist Theodore Schultz’s “efficient farmer” hypothesis places agriculture at the heart of economic development.
In recent years bankers have sometimes been characterized as parasites, living off ...
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