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Entrepreneurship, risk and income distribution in Adam Smith

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  • Tony Aspromourgos

Abstract

The treatment of functional income distribution in classical economics has commonly been interpreted in terms of a tripartite distinction between the roles of, and the returns to, labour, capital and land, with the classical income distribution theories explaining the determination of rates of wages, profits and rents. Is there then any distinct role for entrepreneurship in the classical approach to distribution and prices? Is it absent from those theories, or subsumed under other economic functions? How is entrepreneur remuneration understood, if theorised at all? These questions are addressed in relation to the political economy of Adam Smith in particular.

Suggested Citation

  • Tony Aspromourgos, 2014. "Entrepreneurship, risk and income distribution in Adam Smith," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(1), pages 21-40, February.
    • Handle: RePEc:taf:eujhet:v:21:y:2014:i:1:p:21-40
    DOI: 10.1080/09672567.2012.683025
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    References listed on IDEAS

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    1. Walker, Amasa, 1866. "The science of wealth: a manual of political economy. Embracing the laws of trade, currency, and finance," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number walker1866.
    2. Geoffrey Poitras, 2000. "The Early History of Financial Economics, 1478–1776," Books, Edward Elgar Publishing, number 2151.
    3. Vasilev, Aleksandar & Maksumov, Rashid, 2010. "Critical analysis of Chapter 23 of Keynes’s Notes on Mercantilism in The General Theory of Employment, Interest and Money (1936)," EconStor Research Reports 155318, ZBW - Leibniz Information Centre for Economics.
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    Cited by:

    1. Alqatawni, Tahsen, 2013. "The Relationship Conflict between Venture Capital and Entrepreneur," MPRA Paper 48005, University Library of Munich, Germany.
    2. Michel S. Zouboulakis, 2022. "Elements of Risk in Classical Political Economy and Marx," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(2), pages 147-159, December.
    3. , Aisdl, 2017. "Problems and prospects of women entrepreneurship with special reference to MSMEs in the state of Gujarat," OSF Preprints u7jkb, Center for Open Science.
    4. Tony Aspromourgos, 2015. "Thomas Piketty, the Future of Capitalism and the Theory of Distribution: A Review Essay," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 284-305, May.
    5. Alvina Sabah Idrees & Saima Sarwar, 2021. "State effectiveness, property rights and entrepreneurial behaviour as determinants of National Innovation," Australian Economic Papers, Wiley Blackwell, vol. 60(3), pages 392-423, September.

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