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aggregate concentration (Ll)<br />The coNCENTRATION of the economic activity of a nation or an industry in the hands of a few giant firms. Also called absolute concentration.<br /><em>See also:</em> concentration ratio; relative concentration
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breakeven level of income (M2)<br />The level of income at which all income is consumed and no debts are incurred.
Cantillon, Richard, c.l680-c.l734 (B3) Irish-born banker and economist who spent much of his life in France where he made a large personal fortune after the collapse of John LAw's Mississippi Company. His writings on economics, other than the Essai sur Ia Nature du Commerce en General, appear to have perished with him when his house in Albemarle Street, London, was burnt down. His remarkable Essai showed his keen reading of several economists, including PETTY, and his immense practical knowledge of ban king. In many senses he an ticipated QUESNAY and other PHYSIOCRATS by setting out a model of the economy with villages, market towns and cities engaged in mutual exchanges. Also, he powerfully explained the role of the ENTREPRENEUR in economic activity, with a more plausible explanation than Smith's INVISIBLE HAND postulate. His analysis of exchange rates, open market operations and the bank credit multiplier gives his work a modern focus.<br /> <br /><em>Reference</em><br />Cantillon, R. {1755) Essai sur Ia Nature du Commerce en General, English trans. H. Higgs, London: Macmillan, for the Royal Economic Society, 1931.<br /> Murphy, A.E. {1986) Richard Cantillon: Entrepreneur and Economist, Oxford: Clarendon Press.
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sion of land into small farming units affects the productivity of most types of agricultural production.
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