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    Physiocratic doctrine, which similarly elevated agricultu... — Carmelics
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    Challenges→Agriculture is the foundation of the country and cannot be neglected.

    Physiocratic doctrine, which similarly elevated agriculture as the sole source of national wealth, was decisively refuted by classical economists demonstrating value creation across all productive labor.

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    Key Terms

    Classical economists(as a school of economic thought)
    A group of influential economists from the late 1700s and 1800s (like Adam Smith and David Ricardo) who developed modern theories about how markets and production work.
    Physiocratic doctrine(as a historical economic theory)
    An economic theory from 18th-century France that claimed agriculture was the only real source of a nation's wealth, and that all other work was less important.
    Productive labor(as an economic concept)
    Work that produces goods or services that have economic value, rather than work that simply redistributes existing wealth.
    Value creation(as an economic concept)
    The process of making something more useful or desirable, which increases its worth—whether through farming, manufacturing, or providing services.

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    Agriculture is the foundation of the country and cannot be neglected.

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