Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/155441
Authors: 
Menudo, José Manuel
Year of Publication: 
2010
Series/Report no.: 
HOPE Center Working Paper 2010-04
Abstract: 
This paper analyses one of Turgot's first economic essays, Plan d'un ouvrage sur le commerce, la circulation et l'intérêt de l'argent, la richesse des états (1753-4). Written prior to the appearance of physiocratic influence, it is Turgot's contribution to the movement of writing that bubbled up around the general issue of the market as mechanism of allocation generated by Vicent de Gournay. The wide conceptual apparatus - cognitive models and a series of interdisciplinary analytical tools -, employed by Turgot in the analysis of social problems, is integrated into this particular context. Given this widespread interpretation, the conclusion is reached that Turgot created a theory of just exchange on the basis of a contractualist approach. The behavioural hypothesis introduced by Turgot into exchange provides an alternative response to the dilemma posed by the rule of equal gain for the uniqueness of price and to which the literature has responded with the assumption of symmetric or transparent agents.
Subjects: 
Turgot
Relation of Economics to Other Disciplines
Price formation
Equity
Justice
Inequality
Criteria for Decision-Making
JEL: 
B11
A12
B41
D63
D81
Document Type: 
Working Paper

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