The third figure in physiocratic history is Anne-Robert Jacques Turgot, a finance minister to Louis XVI, who regarded himself more as a writer than an economist. He believed that entrepreneurs must first have capital but that one could be a capitalist without being an entrepreneur. The distinction was that the entrepreneur brought into the equation his labour, human activity from which he was expected to derive profit and wealth. Turgot emphasized the role these two actors in economic affairs by observing that, “money employed in agriculture, in industry or commerce ought to produce a more considerable profit that the revenue of the same capital employed in the purchase of estates, or the interest of money placed on loan.”13