Economic essays

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Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Title:: The enterpreneur and the supply of capital / George E. Barnett

Collection:: Economics Books

THE ENTREPRENEUR AND THE SUPPLY OF CAPITAL George E. Barnett El ED In the development of the theory of profits in English and American economics, attention has been directed chiefly to the function of the entrepreneur; that is, to the nature of the services rendered. The present paper is devoted to the task of bringing together such evidence as is available to indicate that the evo- lution in the theory of profits has not been due in reality so much to the better appreciation of the nature of entrepreneurial func- tion as to changes in the dominant forms of capitalism and in the mechanism for supplying capital to industry. The effect of these changes, it will be contended, has been to produce shifts in that factor of production to which profits attach themselves. A real change in distribution has been the underlying factor in much of the controversy as to function. If we begin, as most present-day economists do, with Profes- sor Clark’s definition of the undertaker as the owner of the product—profits are the remains of the whole receipts of the undertaking over and above the cost of the land, labor, including labor of management, and capital used. Profits are made up of various economic categories into which it is not necessary here to inquire more particularly, especially since they are of hetero- geneous kind and have never been adequately analyzed. The argument to be hereafter set forth is to the effect that under certain conditions this remainder as a totality falls to capital, under other conditions to labor management and under still other conditions to “active” or risk-taking capital. Whether it falls to one or the other depends chiefly on the kind and amount of capital required and the capital market prevailing at a given time or in a given industry. The present functional theories of profits tend to obscure the fact of these variations and to bring the theory of profits into a uniformity which is not in accord with the existing economic world

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