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The Genesis of MacroeconomicsNew Ideas from Sir William Petty to Henry Thornton$
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Antoin E. Murphy

Print publication date: 2008

Print ISBN-13: 9780199543229

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780199543229.001.0001

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François Quesnay: The Circular Flow of Income

François Quesnay: The Circular Flow of Income

Chapter:
(p.119) 6 François Quesnay: The Circular Flow of Income
Source:
The Genesis of Macroeconomics
Author(s):

Antoin E. Murphy (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199543229.003.0006

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.

Keywords:   macroeconomic ideas, Tableau économique, income, expenditure, output, macroeconomic diagrams

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