Say’s Theory of Production Say’s observation (Figure 4.1) was the first in economic history to identify the value that is contributed to the system by the entrepreneur. Say’s entrepreneur becomes the prime mover in a process that joins the factors that produce a final product. In the model he regards capital as comprising physical capital such as tools, and money capital that includes wages for labour. He also integrated the effect of natural agents, in this case referring to rain, air, the soil, the sun and so on, as factors to be considered but not necessarily incorporated into the model.