François Quesnay: The Circular Flow of Income
This chapter discusses François Quesnay's contributions to macroeconomics. The “Tableau économique”, the “Economic Picture”, was Quesnay's visual representation of the macroeconomy. The “Tableau économique” clearly shows a visual circular flow of income, expenditure, and output. It was the first macroeconomic diagram showing the importance of expenditure, the interrelationships between income, expenditure, and output, and the interdependencies between different sectors of the economy.
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