An Essay on Economic Theory

1.13. The Circulation and Exchange of Goods and Merchandise, as well as their Production, are Carried On in Europe by Entrepreneurs, and at a Risk

An Essay on Economic Theory by Richard Cantillon
Richard Cantillon

Here Cantillon introduces, for the first time, the theory of entrepreneurship. Entrepreneurs are the prime directors of resources. Their occupations come with risks due to uncertainty, especially from competition and changing tastes. As a result, their income can be very large, but they also face the prospect of bankruptcy. The property owner is independent in having a large income (rent) from the land, and the capitalist, or large money owner, also can live independently on interest. Everyone else is ultimately dependent on the expenditures of property owners for their livelihoods.

From Part 1: Production, Distribution, and Consumption. Narrated by Millian Quinteros.