Richard Cantillon: Macroeconomic Modelling
Richard Cantillon: Macroeconomic Modelling
This chapter discusses Richard Cantillon's background and contributions to macroeconomics. The Essai sur la nature du commerce en général is Cantillon's only known work. The Essai is remarkable on many fronts and the following contributions are emphasized: the model-building approach; the description of the role of the entrepreneur; the analysis of market forces; the outline of the circular flow of income; the monetary theory. Cantillon's legacy was to leave to future generations a model-building framework for analysing the economy.
Keywords: macroeconomic ideas, macroeconomics, Essai, model building, entrepreneur, monetary theory
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