Sunday 11 December 2016

Entrepreneurs are the key to recovery

Never mind the Government, we can always go out and make our own jobs and better life, suggests Blaise Brosnan

Published 22/05/2011 | 05:00

A Kerryman has a lot to do with the way the world is today. Richard Cantillon of Ballyheigue Castle came up with the concept of entrepreneurialism about 300 years ago. He lived in north Kerry at the turn of the 17th Century and from a young age he roamed between there and his uncle's home in Paris. His uncle was a banker. Cantillon would slip out of Ballyheigue harbour and sail back and forth to France, studying economics.

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Cantillon's theory of economics supposedly came from watching the farmers and the tanglers. He came up with the theory of the circular flow of money that is described in his famous book Essays on the Nature of Trade. At that time, the economy was dependent mostly on agriculture. Money flowed from farmers to property owners, to builders and to the woman of the house and out again to create the circular flow.

In the middle of the circular flow, he saw that a particular group used to make things happen. He called them entrepreneurs.

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