An Outline of the Concept of Entrepreneur: Main perspectives on the entrepreneur
Adam Smith gave a theoretic expression to many phenomena, processes, categories, laws as well as to the market economy related mechanism itself, under the forms specific to the 18th century. However, his ideas and his work represented the inspirational source -critical, neutral or creative – for many types of schools and economic thinking trends.
The harmonization of the particular with the general, of the national with the universal offered his theoretic creation a value that has not been diminished in time, and the “Wealth of Nations” is recognized as the masterpiece in which the economy as a science gained precise outlines and became a self – contained field. Smith’s economic conception as presented in the “Wealth of Nations” results from his previous writings, among which one distinguishes the importance of “The Theory of Moral Feelings”. The central issue of his work is determining the means by which men formulate a moral judgment (assertion of certain ideas about vices and virtue, about the good and the bad, about just and unjust). In terms of the generality and universality of Smith’s theory, he is an international classic, not only a classic of a country and social category, and his masterpiece remains one of the most important reference moments in the cumulative process of economic science development. Indian Capital Market
An admirer of Adam Smith’s ideas, the French economist and advocate of liberalism Jean Baptiste Say, was born in Lyon in a family of Protestant merchants. He received an education that would mark both his writings as well as his practical behavior. At the age of 19 he goes to England, where he deems fit to insert a specific order in the ideas of Smith in his “Treatise of political economy” and in his last work “Complete course of practical political economy”. Interested in politics, he returns to France, where he embraces the new ideas of the French Revolution, which made the apology of liberty and equality by abolishment of privileges. He becomes a tribune, but due to his disagreement with the ideas of Napoleon Bonaparte, which were too interventionist, he drifts away from the political activity.
J. S. Mill, known as the last great classic liberalist and the first modern liberalist, son of James Mill, a professor of economy, has been considered by some authors as a “wonder child”, since he was preoccupied at the age of 3 by arithmetic and Hellenic studies, and at the age of 13 by economic studies. The writings of Ricardo, Hume and Bentham were part of his youth universe. At the age of 14, he leaves to France, upon the invitation of his brother Bentham, and in Paris, he meets Jean Baptiste Say, with whom he will have a tight and long-lasting friendship, as well as Saint-Simon, who had managed to be famous in the field of economic theory.
Returned to England in 1821, where meanwhile his father had completed his work “Elements of Political Economics”, young Mill would draft a detailed resume of the manuscript that he publishes under the name of his father. In parallel with the scientific studies, Mill had been working for 30 years as an employee of the East India Company. His work entitled “Principles of Political Economics” represents a quintessence of what had been more valuable in the economic science up to him, to which he added his own ideas on the matter.
Leon Walras, professor of political economy at the University of Laussane, is considered as “the first founder of modern economic science” or “the greatest economist of all times”, and his scheme over the general balance is appreciated as “The Great Charter of Economic Theory”. The period 1871-1892 was the most productive period of Leon Walras activity. Then he created the elements that materialized in contributions to the occurrence of the marginal revolution, mainly aimed on the mathematic explanation and formalization of general balance. He stated “I progressively elaborated the entire theory of economic balance, first of all in four memoirs: The principles of a mathematic theory of exchange, Exchange equations, Capitalization equations, and then “Elements of Pure Economics”.
John Maynard Keynes, born in Cambridge in 1833, is the member of the new group of economists, who influenced the economic political decisions of the Western countries starting with the end of World War I. At 14, he studies at Eton and later on enrolled at Cambridge University to study mathematics. After graduation, he becomes a lecturer in economics at the same university. He knew better than the theory the new realities, the acute problems that the economies of the world countries coped with after World War I.