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The Mercantilists, Physiocrats, and the Classical School of economics had differing general understandings of the source...

The Mercantilists, Physiocrats, and the Classical School of economics had differing general understandings of the source of value in society. Explain each general approach.

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Mercantilists : They were obsessed with trade. According to them, trade is key to economic growth. All the values are created through the trade. And trade is zero sum game. One country can benefit at he expense of other.

Physiocrats: Physiocrats were in favor agricultural sector. According to them, all values are created in agricultural sector. hence, we must focus on agricultural sector. Net product is produced in agricultural sector only.

Classical school of Economics: classical economists have created labor theory of value. labor creates the value and price of good reflect the cost incurred on labor.

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