Growth is a modern phenomenon. Before the 18th century, plundering was the best way to grow and economy was a zero sum game. This is no more the case, at least in Europe, since the late 18th century. Growth had thus appeared before the theory of growth: the first economists observed this new reality and they did not invent it. This scientific behavior would change in the 19th century with socialism and later on with Keynes as they try to invent a better economy instead of observing the existing economy.
Among the initial observers, Adam Smith and Jean-Baptiste Say have no doubt, been the actual founders of the free market economy. Both are still relevant.
Adam Smith observed why free trade, the division of labor and a fair State based on law and order, led to prosperity for the many: when these basic principles are forgotten, growth does not emerge and depressions occur. JB Say was not to describe the channels towards growth as Smith did, but its very engine: how and why does it start at all? Thus, he devised the concept of entrepreneurship.
To read the full, original article click on this link: Le futur, c'est tout de suite: Entrepreneurship
