> Ian,
> Depends on what you mean by its "modern
> economic sense." Schumpeter identifies Cantillon
> as having having used it in a somewhat "modern"
> way prior to Turgot. Turgot's key innovation was to
> argue that capital arose from voluntary saving, something
> picked up and spread shortly thereafter by Adam Smith
> (Turgot wrote in 1769).
> BTW, the Romans used the term in the sense of the
> principal of a loan, which is certainly one of its modern
> economic senses, as well as using the term to describe
> cattle. And, of course, if one wishes to increase a herd
> of cattle, one must not kill them for consumption (at least
> not right away), but must feed them. Hmmm.
> Barkley Rosser
=======
Did Turgot get the idea from Cantillon?
Ian