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    Jean-Baptiste Say

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    kosovohp


    Posts : 226
    Join date : 2010-09-22

     Jean-Baptiste Say Empty Jean-Baptiste Say

    Post by kosovohp Sat Oct 30, 2010 5:39 am

    Traditionally it is Jean-Baptiste Say who is credited for coining the word and advancing the concept of the entrepreneur, but in fact it was Cantillon who first introduced the term in Essai.[82] Cantillon divided society into two principal classes—fixed income wage-earners and non-fixed income earners.[83] Entrepreneurs, according to Cantillon, are non-fixed income earners who pay known costs of production but earn uncertain incomes,[84] due to the speculative nature of pandering to an unknown demand for their product.[85] Cantillon, while providing the foundations, did not develop a dedicated theory of uncertainty—the topic was not revisited until the 20th century, by Ludwig von Mises, Frank Knight, and John Maynard Keynes, among others.[86] Furthermore, unlike later theories of entrepreneurship which saw the entrepreneur as a disruptive force, Cantillon anticipated the belief that the entrepreneur brought equilibrium to a market by correctly predicting consumer preferences.[87]



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