What were the contributions of Jean-Baptiste Say and John Stuart Mill to the concept of entrepreneurship?
Understand the Problem
The question is focused on the historical contributions of two economists, Jean-Baptiste Say and John Stuart Mill, to the concept of entrepreneurship, emphasizing their ideas on the role of the entrepreneur in economic value creation.
Answer
Say highlighted resource allocation; Mill focused on risk and management.
Jean-Baptiste Say emphasized the entrepreneur's role in moving resources to more productive areas, creating value. John Stuart Mill, in his 1848 book, defined entrepreneurs as those who assume business risks and management responsibilities.
Answer for screen readers
Jean-Baptiste Say emphasized the entrepreneur's role in moving resources to more productive areas, creating value. John Stuart Mill, in his 1848 book, defined entrepreneurs as those who assume business risks and management responsibilities.
More Information
Say's idea was rooted in enhancing productivity by resource allocation, becoming a foundational element of economic thought on entrepreneurship. Mill's contribution detailed the entrepreneurial role in balancing risk and management, influencing the distinction between entrepreneurs and mere business owners.
Tips
A common mistake is overlooking the distinct aspects highlighted by Say and Mill. Say focused on resource allocation and Mill on responsibility and risk, both essential but distinct elements of entrepreneurship.
Sources
- Entrepreneurship - EconLib - econlib.org
- Jean-Baptiste Say: History of the Economist - Investopedia - investopedia.com
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