reward, for it is he who conceived the idea of shoe manufacture and
then carried out the project. Without his efforts the land-owner, the
capitalist, and the laborers would not have combined in this
enterprise, with the result that there would have been fewer shoes in
the community. Fewer shoes would probably mean more expensive shoes.
And not only does the entrepreneur deserve some reward for thus adding
to the well-being of the community, but if he did not receive that
reward, he would not go to the trouble of initiating and maintaining a
shoe manufacturing establishment.

The share going to the entrepreneur is determined less exactly than is
the share of the land-owner, the capitalist, and the laborers. In
dividing up the income of the business, the shoe manufacturer must, in
an important sense, put himself last. Before there are finished shoes
to sell, he must pay the land-owner rent, the capitalist interest, and
the laborers wages. Before he is allowed to count out his own share he
must also pay taxes to the government, pay insurance on his plant, and
set aside an amount sufficient to keep his buildings and machinery in
repair. He cannot evade the payment of rent, interest, or wages on the
plea that these payments will diminish his profits. He has contracted
to pay the landlord, the capitalist, and the laborers, and he must
fulfill that contract. If, after paying all of his expenses, there is
anything left, the entrepreneur retains it as profits. Sometimes this
share is very large, sometimes it is so small as to force the
entrepreneur out of business. In any case, the chief risks and
responsibilities of the whole enterprise are concentrated upon the
entrepreneur, rather than upon the land-owner, the capitalist, or the
laborers.

91. THE DETERMINANTS OF EACH SHARE.--To sum up, the share of the joint