IN CONTEXT
Markets and firms
Anne-Robert-Jacques Turgot (1727–81)
1759 French economist François Quesnay publishes Economic Table—a model that demonstrates the physiocrats’ economic theories.
1760s French physiocrat Guérineau de Saint-Péravy’s essay on the principles of taxation argues that the ratio of outputs to inputs is fixed.
1871 Austrian Carl Menger argues in Principles of Economics that price is determined at the margin.
1956 In A Contribution to the Theory of Economic Growth, US economist Robert Solow applies the idea of diminishing marginal returns to the growth prospects of countries.
Frenchman Anne-Robert-Jacques ...
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