An Essay On Economic Theory (Richard Cantillon)
An English translation of Richard Cantillon’s Essai sur la Nature du Commerce en Général
An Essay on Economic Theory
An English translation of Richard Cantillon’s Essai sur la Nature du Commerce en Général
Translated by Chantal Saucier Edited by Mark Thornton
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AnEssayonEconomicTheory©2010bytheLudwigvonMisesInstituteandpublishedunderthe CreativeCommonsAttributionLicense3.0. http://creativecommons.org/licenses/by/3.0/ LudwigvonMisesInstitute 518WestMagnoliaAvenue Auburn,Alabama36832 mises.org ISBN:978-1-61016-001-8
Foreword
RobertF.Hébert
firstblushofdiscovery,proclaimedCantillon’sEssai,“thecradleofpoliticaleconomy.”Subsequentgrowthanddevelopmentofeconomicthoughthasnotreallyalertedustothesubtletiesofthissuccinctappraisal.Acradleholdsnewlife;andtherecanbelittledoubtthattheEssaiaddednew lifetotheorganizingprinciplesofeconomics.But“politicaleconomy” doesnotaccuratelydescribethesubjectCantillonaddressed.Indeed, hescrupulouslyavoidedpoliticalissuesinordertoconcentrateonthemechanicsofeighteenth-centuryeconomiclife.Whenconfrontedby “extraneous”factors,suchaspolitics,Cantilloninsistedthatsuchconsiderationsbeputaside,“soasnottocomplicateoursubject,”hesaid,thus invokingakindofceteris paribus assumptionbeforeitbecamefashionableineconomicstodoso. ThisismerelyonewayinwhichCantillonwasaheadofhistime.HeprecededAdamSmithbyageneration.Bothwritersmadeimportant foundationalcontributionstoeconomics,butfromperspectivesthatwere quitedifferent.Smithwasaphilosopherandeducator.Hisapproachto economicsreflectedtheconcernsandapproachesofphilosophicinquiry stretchingbacktoThomasHobbes.TheHobbesiandilemmawashowto securepeaceandprosperitywithoutsubmittingtoanall-powerfulcentralgovernment.Smithgaveananswerbasedonthenatureandfunctionofan exchangeeconomyoperatingunderaruleoflaw.The Wealth of Nations isfullofusefuladvicetothosewhoholdpoliticalpower.Hence,Smith earnedhissobriquet“fatherofpoliticaleconomy.”Cantillonwasabusinessmanandbanker.Hisapproachtoeconomicsreflectedtheconcernsofpracticalmenwhosetaboutmakingaliving,andhisanalysisconcentratedonthestructureandmechanicsofan emergingmarketeconomy.Theeconomyhedescribedwasanenterprise
FoLLoWINgACENtuRyofneglect,WilliamStanleyJevons,inthe
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AnEssayonEconomicTheory
economy,notapoliticalone,inwhichcertainindividualsplayedkeyroles, somepassiveandsomeactive.government,asweknowit,wasrelatively passiveinCantillon’seconomy.Themostactiveandcentralparticipant wastheentrepreneur,whomotivatestheentireeconomicsystem.unlike anypreviouswriter,Cantillonexplicatedthevitalroleoftheentrepreneur withperceptionandvigor.Hence,hedeservestobecalled“thefatherof enterpriseeconomics.” TheseconsiderationsalonewouldjustifyrenewedinterestinCantillonandhiswork,buttherehavealwaysbeenimpedimentstoovercome.We knowlittleofCantillon’slifeandthecircumstancesofhisauthorship.The manuscriptthatwaseventuallypublishedin1755circulatedprivatelyin Franceforalmosttwodecadesbefore;whenpublished,itappearedunder mysteriouscircumstances.Thedesignatedpublisher,Fletchergyles,neverexistedattheaddressgiven;anddespitethephrase“traduitdel’Anglois” onthetitlepage,noEnglishoriginalwaseverfound.Moreover,astatisticalsupplementtotheEssaihasgonemissing,andhasneverbeendiscovered.Inthe1970saJapanesescholarunearthedaFrenchmanuscriptatthe municipallibraryinRouenbearingthetitle,“EssayDelaNatureDuCommerceengénéral,”whichencouragedspeculationthatthefirstwordmay...
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