Science

An Essay on Economic Theory

by Richard Cantillon

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Latest episodes

Foreword to An Essay on Economic Theory

December 31, 2014

Foreword to Richard Cantillon's An Essay on Economic Theory. Mark Thornton and Chantal Saucier have accomplished the arduous task of bringing forth a new and improved translation of Cantillon’s famous work. Narrated by Millian Quinteros.
Introduction to An Essay on Economic Theory

December 31, 2014

Introduction to Richard Cantillon's An Essay on Economic Theory. Cantillon deals with a wide variety of fundamental and philosophical issues such as the nature of property, the distribution of income, the origin of money, and the role of…
1.1. Wealth

December 31, 2014

Cantillon defines wealth as the consumption goods produced by land and labor. This contrasted with the Mercantilists who thought money was wealth. From Part 1: "Production, Distribution, and Consumption". Narrated by Millian Quinteros.
1.2. Human Societies

December 1, 2014

All human societies are based on a system of property rights. The distribution of rights will necessarily be unequal, and the use to which property is put will be dependent on the tastes of the owners. From Part 1: Production…
1.3. Villages

December 1, 2014

In this first of four chapters on economic geography and location theory, Cantillon explains that settlements are based on the requirements of production, especially the quantity of labor, and the extent of the specialization and division…

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1.4. Market Towns

December 1, 2014

Entrepreneurs establish markets in centrally located villages which provide the necessary conditions under which prices are established between supply and demand. The size of the market town depends on the size of the economy it…
1.5. Cities

December 1, 2014

Cities form at sites where large property owners have decided to live. Specialization of labor expands to meet the demands of the wealthy. Cities grow even larger when manufacturing industries produce for export, and whose workers are…
1.6. Capital Cities

December 1, 2014

Wherever a government establishes its capital, the city will grow in size because the additional spending attracts labor and businesses to service the government and its employees and thus, it becomes a commercial center for the nation as…
1.7. The Labor of the Plowman is of Less Value than that of the Artisan

December 1, 2014

The opportunity cost of becoming a skilled worker includes both the direct expenses as well as the foregone labor during the training period or apprenticeship. As a result, skilled workers must be paid higher wages than unskilled…
1.8. Some Artisans Earn More, Others Less, According to the Different Cases and Circumstances

December 1, 2014

In addition to training and the forces of supply and demand, workers with higher quality skills, risky jobs, or jobs which require trustworthy employees will receive higher wages. This is now known as the theory of compensating…
1.9. The Number of Laborers, Artisans, and Others, Who Work in a State, is Naturally Proportioned to the Demand for Them

December 1, 2014

The supply of workers adjusts itself to the demand for labor, across all professions, via wage rates, migration, and changes in population. Prosperity cannot be created by subsidizing job training. From Part 1: Production, Distribution…
1.10. The Price and Intrinsic Value of a Thing, in General, is the Measurement of the Land and Labor, which enter into its Production

December 1, 2014

Intrinsic value can be measured by the quantity of land and laborers, taking into account the quality of land and labor. Some goods are produced almost entirely with land, others solely from labor. In the garden example, intrinsic value is…

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About the show

An English translation of Richard Cantillon’s Essai sur la Nature du Commerce en Général. Translated by Chantal Saucier. Edited by Mark Thornton. This audio book is made available through the generosity of Mr. Tyler Folger. It is narrated by Millian Quinteros.