1.12. All Classes and Individuals in a State Subsist or Grow Rich at the Expense of the Property Owners
An Essay on Economic Theory · Mises Institute
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Show Notes
Cantillon develops a circular-flow model of the economy that shows the distribution of farm production between property owners, farmers, and workers. Farm production is exchanged for the goods and services produced in the cities by entrepreneurs and artisans. While the property owners are “independent,” the model demonstrates the mutual interdependence between all the classes of people that Adam Smith dubbed the “invisible hand” in The Theory of Moral Sentiments (1759).
From Part 1: Production, Distribution, and Consumption. Narrated by Millian Quinteros.