----------------- HES POSTING ----------------- 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 ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]