ANNE ROBERT JACQUES TURGOT
(Anne Robert Jacques Turgot, Baron de l'Aulne)
The lightening referred to as Franklin’s famous electrical experiments whereby he saved millions of lives by inventing the lightening rod which he gave freely to all and did not try to patent it. For the French, he was by far, the greatest of the Americans.
Turgot was one of the most advanced economic thinkers in Europe and realized, even before most of the Americans, that by freeing itself England, that the Americans would be forced to become free traders and that in turn would make America a major Economic power despite the fact that American economic policy over the years vacillated between protectionism and free trade.
It was the common practice in France to allow citizens to work in various occupations only if they received Royal permission. Some obtained monopolies in certain trades for certain areas. This is an excellent case of a reform which completely reversed previous policies. The authority doing the reform takes credit for it ignoring that the abuses and evils that it corrected were operated and maintained by them also. This quotation was also used in arguing the Slaughterhouse Cases before the Supreme Court in 1873.
While Turgot was right about so much, this was one of his big errors—the assumption that land was fundamental to and necessary for, wealth. In many countries it is still true, but of the recent billionaires like Warren Buffet, Bill Gates, Carlos Slim and most others, they own very little land. In the United States and Canada, there are large tracts of land that few or no one will buy and a cast majority of people do not make their living from land.
Anne Robert Jacques Turgot, Baron de l'Aulne, commonly known as Turgot, was a French economist and statesman. Originally considered a physiocrat, he is today best remembered as an early advocate for economic liberalism. He is thought to be the first economist to have recognized the law of diminishing marginal returns in agriculture.