December 16

Born in 1623, Petty studied at Oxford and served as physician to the Parliamentary army before turning to economic inquiry. He is best known for developing 'political arithmetic', applying statistical methods to economic and demographic questions. His works, including 'A Treatise of Taxes and Contributions', argued for efficient taxation and laid early foundations for national income accounting. Petty's analytical approach influenced later economists such as Adam Smith and David Ricardo. He also made contributions to philosophy, exploring the relationship between natural resources and wealth creation. His intellectual versatility marked him as a key figure in the Scientific Revolution and the dawn of modern social science.

Born in 1694, François Quesnay served as physician to King Louis XV before turning to economic theory. He established the Physiocratic doctrine, emphasizing the primacy of agricultural production and advocating for laissez-faire policies. His seminal work 'Tableau Économique' introduced a systematic model of economic flows, influencing later classical economists. Quesnay argued against mercantilist restrictions, promoting free trade and minimal government interference. He also contributed to medicine, blending his economic insights with clinical work, and held a prominent position at the French royal court. His innovative ideas laid critical groundwork for the development of modern economic thought.