Abstract

A discussion of the economic work of Genovesi, the first professor of political economy in Europe. Genovesi supports a physiocratic theory of value as the net produce of agricultural work; a theory of interest as the motive of human action, intermediate between the extreme poles of excessive self-love and benevolence; a doctrine of innate rights as a limit to the sovereign's action; a commercial policy that limits dependence on foreign countries. He also took a position in the eighteenth-century debate on "luxury", taking a firm stance in favour of moderate luxury, considered not vice but virtue as the right means between excessive parsimony and prodigality. He also discusses the function of the classes not dedicated to "mechanical arts" and not producing "rents" but nevertheless useful to society (Adam Smith's "unproductive" workers) in which he includes the proprietary classes which he defends against Rousseau's radical criticism, limiting himself to advocating the abolition of inalienable properties. Finally, he advocates population growth as a way to increase public happiness, the development of agriculture, the freedom of grain trade and the interest rate.