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L’entrepreneur et la loi de Say : les profits se paient d’avance THE ENTREPRENEUR AND SAY'S LAW: THE PROFITS ARE PAID IN ADVANCE

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  • Marian WIELEZINSKI

    (Laboratoire de Recherche sur l'Industrie et l'Innovation. ULCO)

Abstract

Le profit comme indicateur de performance et comme motivation pour créer une entreprise pose des questions complexes. Ces dernières années, un «test» de rentabilité financière soulève débats et controverses: on considère très souvent que le taux de référence de profit globalement acceptable s’établit à 15% du chiffre d’affaires. La loi de Say nous dit que les ventes seront absorbées par les revenus générés par la production. Tous les modèles sont basés sur cette déclaration. En fait, la question préalable qui se pose est comment parvenir à un chiffre d'affaires acceptable par les bénéficiaires des profits réalisés. Ceux-ci sont-ils condamnés à attendre le verdict des marchés pour voir si ils auront leur dû ? Dans la réalité, différents types d’avances sont décidés par l'entrepreneur, qui a ainsi une fonction essentielle dans l'équilibre du marché. The profit as a performance indicator and as a motivation for starting a business raises complex issues. In recent years a "test" of financial profitability raises debates and controversies: it becomes common to consider the level of 15% of the value of sales as the benchmark rate of profit globally acceptable. Say's Law holds that the sales will be absorbed through revenues generated by production. All models are based on this statement. In fact, the question that arises is how to achieve a turnover considered as acceptable by the beneficiaries of the profit. Are entrepreneurs doomed to await the verdict of markets to know what they will receive? In the reality, various forms of "advances" are decided at the discretion of the entrepreneur, who has thus an essential function in the market equilibrium.

Suggested Citation

  • Marian WIELEZINSKI, 2011. "L’entrepreneur et la loi de Say : les profits se paient d’avance THE ENTREPRENEUR AND SAY'S LAW: THE PROFITS ARE PAID IN ADVANCE," Working Papers 246, Laboratoire de Recherche sur l'Industrie et l'Innovation. ULCO / Research Unit on Industry and Innovation.
  • Handle: RePEc:rii:riidoc:246
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    More about this item

    Keywords

    Marges; profits; dividendes; avances; Adam Smith; J.-B. Say; entrepreneur; actionnaires;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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