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According to Schumpeter (HEA, chapter 5, part 5, p. 555), Cantillon was the 
first economist to use the term "entrepreneur". He was followed by Say, who 
stated that the entrepreneurial function is to combine the factors of 
production. 
 
Schumpeter criticized Adam Smith and the English economists of the early 
nineteenth century for failing to separate the function of the entrepreneur 
from that of the capitalist. Blaug has a similar opinion (ETR, 4th edition, 
chapter 11). 
 
However, Pesciarelli argues convincingly that the concept of the 
entrepreneur can be found in the Wealth of Nations (see his article in HOPE, 
v. 21(3), 1989). He also compares the contrasting views of Smith - the 
entrepreneur as "a common type, widespread in society" - and Bentham - the 
entrepreneur as "a minority in society, a man who is above the common herd 
of the people". 
 
Casson's introduction to the volume organized by him (_Entrepreneurship_, 
Edward Elgar, 1990) provides a brief review of the meanings of the term in 
modern economic theory. 
 
Hugo Cerqueira 
Universidade Federal de Minas Gerais 
 
 
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