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Risk theory of profit
- Cantillon's is a risk theory of profit: anyone who receives an uncertain income can essentially be regarded as an entrepreneur. According to Cantillon, successful entrepreneurs perform a key role in the economy by relieving the paralysis engendered by uncertainty, allowing production and exchange to occur and market equilibrium to be attained.
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While the fire's causes are unclear, the most widely accepted theory is that Cantillon was murdered. One of Cantillon's biographers, Antoine Murphy, has advanced the alternative theory that Cantillon staged his own death to escape the harassment of his debtors, appearing in Suriname under the name Chevalier de Louvigny.
Richard Cantillon (1755) is credited with the discovery of economic theory and was the first to fully consider the critical role of entrepreneurship in the economy. Cantillon described entrepreneurship as pervasive and endowed the entrepreneur with the most pivotal role.
- 260KB
- Chris Brown, Mark Thornton
- 13
- 2011
May 9, 2024 · Richard Cantillon (born 17th century, Ballyheige, County Kerry, Ire.—died May 14, 1734, London) was an Irish economist and financier who wrote one of the earliest treatises on modern economics. Cantillon was an Irishman of Norman origins and Jacobite connections who spent much of his life in France.
RICHARD CANTILLON (c. 1680?-1734) is one of the most enigmatic figures in the history of economic theory. He was a very successful merchant and banker of Irish extraction who carried out his business primarily from Paris.
Classical monetary theory. Cantillon developed a theory of commodity money that was correct in nearly all respects. Central to his Austrian-style analysis was his rejection of the aggregate approach of the quantity theory of money in favor of a microeconomic -process approach.
Arbitrage and the bearing of uncertainty Richard Cantillon (1755) stressed the importance of the entrepreneur as an arbitrageur or speculator, who conducts all exchanges and bears risk as a result of buying at certain prices and selling at uncertain ones.
In our analysis of Cantillon's work in Chapter 13 we concentrate on some of his strongest themes, namely (1) the theory of market behaviour and the significance of the entrepreneur in the market, (2) the circular flow of income, (3) the theory of money providing the linkage between the real and the monetary economy, (4) the critique of ...
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