Progress pill
The Enlightenment and Political Economy

Conclusion: Passing the Torch

The Origins of Laissez-Faire Economics

Conclusion: Passing the Torch

French economic thought in the 18th century is often overshadowed by the more famous economists of the 19th century. Yet, when it comes to the defense of liberty, it is in the 18th century that everything truly begins. This is the century in which the principle of laissez-faire, so revolutionary in its time, was first clearly expressed by a number of thinkers, from Boisguilbert to Dupont de Nemours. Certainly, figures like Jean-Baptiste Say, Frédéric Bastiat, Gustave de Molinari, and Yves Guyot left a lasting mark on the history of French economic thought. But if we study them in isolation, we miss something essential. These 19th-century thinkers didn't emerge from nowhere; they inherited and built upon the foundations laid by their 18th-century predecessors during the Enlightenment.
Boisguilbert asserts that well-meaning souls who believe they can fix everything by involving the government inevitably turn the economy upside down, and that it is therefore better to let the natural order of things take its course.
Cantillon insisted that money should never be manipulated for political aims. Allowing the State to manage money as it pleases is to pave the way for immense financial and economic disorder.
Vincent de Gournay asserts that excessive regulation of labor discourages the efforts of workers and craftsmen, pushing them toward laziness and inactivity. It is thanks to free competition that the economy can grow and a nation can prosper.
The Marquis d'Argenson asserts that no government is capable of foreseeing and measuring everything, and that consequently, one must rely on each individual's self-interest.
Quesnay and the Physiocrats assert that private property is the foundation of human societies. Without private property, man loses the motivation to make an effort, to work, since he cannot enjoy the fruits of his labor or accumulate anything.
Condillac asserts that exchange is always mutually beneficial and should therefore, without exception, always be free. The sole mission of the State must be to protect liberty and property.
All of these ideas would be taken up by the economists of the 19th century. Some, like Jean-Baptiste Say, would give these ideas a scientific expression through a rigorous Treatise on Political Economy. Others, on the contrary, would seek to popularize these fundamental maxims by venturing into the realm of tales, novels, and amusing short stories, as Frédéric Bastiat would do so skillfully.