Wednesday, February 29, 2012

Richard Cantillon


PRichard Cantillon, who wrote fifty years before Adam Smith, was the first economist to see the economy as an interrelated whole and the first to give a coherent account of how it works. His only surviving work, the iEssai sur la nature du commerce en general/i, was an astonishing achievement, although it was not published until twenty years after his death and was never widely known. Simply to sketch such a theory would have been a major advance, but Cantillon worked out the implications of his model with a rigor that was not to be matched for a century or more.br br
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