Wilhelm Georg Friedrich Roscher German economist, representative of the historical school in political economy Date of Birth: 21.10.1817 Country: Germany

1. Biography of Wilhelm Georg Friedrich Roscher
2. Influence of the Historical School
3. Three Stages of Economic Development
4. Profit as Wages of Entrepreneurship

Biography of Wilhelm Georg Friedrich Roscher

Wilhelm Georg Friedrich Roscher was a German economist and representative of the historical school in political economy. He began his career as a professor at the University of Göttingen and later served as a professor at the University of Leipzig for almost half a century.

Influence of the Historical School

In his works, Roscher's traces of the influence of the historical school can be observed in the field of legal science. He often borrowed arguments from lawyers and attached significant importance to similar situations that arose in jurisprudence and economic science, according to his opinion.

Three Stages of Economic Development

Roscher highlighted three stages in the history of economic development, which were associated with the dominance of production factors. These stages included the primacy of land (nature), followed by labor, and finally capital. In Roscher's view, capital also encompassed the qualification of workers.

Profit as Wages of Entrepreneurship

Roscher defined profit as the wages paid to the entrepreneur for managing labor. He believed that this was a crucial aspect in determining profitability.