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What did Richard Cantillon discover about entrepreneurship?
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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.
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- Chris Brown, Mark Thornton
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Entrepreneurs, according to Cantillon, are non-fixed income earners who pay known costs of production but earn uncertain incomes, due to the speculative nature of pandering to an unknown demand for their product.
May 9, 2024 · money. quantity theory of money. wage theory. population. human being. 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.
Aug 14, 2020 · Cantillon defined entrepreneurs as anyone who undertakes projects where the cost of production is either known or can easily be estimated, but where the demand...
Jan 12, 1989 · Cantillon was the first to introduce the role of the entrepreneur into economic analysis. He also provided considerable insights into value theory, the circular flow of income, the monetary approach to the balance of payments, and the law of one price.
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.
T he term entrepreneur, which most people recognize as meaning someone who organizes and assumes the risk of a business in return for the profits, appears to have been introduced by Richard Cantillon (1697-1734), an Irish economist of French descent.
