Written in 1766, it appeared in 1769–1770 in Dupont's journal, the Ephémérides du citoyen, and was published separately in 1776. Dupont, however, made various alterations in the text, in order to bring it more into accordance with Quesnay's doctrines, which led to a coolness between him and Turgot.

In the Reflections, after tracing the origin of commerce, Turgot develops Quesnay's theory that the land is the only source of wealth, and divides society into three classes, the productive or agricultural, the salaried or artisan class, and the land-owning class. He also proposes a notable theory of the interest rate. After discussing the evolution of the different systems of cultivation, the nature of exchange and barter, money, and the functions of capital, he sets forth the theory of the impôt unique, i.e. that only the net product of the land should be taxed. In addition he demanded the complete freedom of commerce and industry.

Anne Robert Jacques Turgot(10 May 1727 – 18 March 1781), commonly known as Turgot, was a French economist and statesman. Originally considered a physiocrat, he is today best remembered as an early advocate for economic liberalism. He is thought to be the first economist to have recognized the law of diminishing marginal returns in agriculture.