This paper examines James Steuart’s explanation of the emergence of the exchange economy. An initial hypothesis holds the decisive influence of a plan designed and implemented by merchants. Our proposal evokes the importance, acknowledged by Steuart, of the construction of institutions,...

This work analyses the particular and repeated attempt to introduce the entrepreneur into economic activity through the market for entrepreneurs. We shall examine the few suggestions ? Richard Cantillon, Jean-Baptiste Say, Alfred Marshall and Frank Knight ? that propose it. The analysis of the...

This paper examines Adam Smith's explanation of the stability of a competitive market. An initial hypothesis in the paper holds that the mechanism described in <i>The Wealth of Nations</i> has nothing to do with production costs, longterm, or sympathetic relationships. My proposal draws on the...