The early French writers, beginning with J. B. Say, adopted a different view of profit, or at least a different use of the word, insisting on a separation of profit from interest and defining the former explicitly as a wage. The difference in procedure may have been due, as v. Mangoldt suggests,
to the different character of typical French industry and the greater importance of the manager's personality in it relatively to the capital factor. It is worthy of note that in the fourth edition of his "Traité," Say included in profit the reward for risk-taking; he had in the earlier editions viewed this income as accruing to the capitalist as such, but now transferred it to the entrepreneur. Especial mention should be made of Courcelle-Seneuil, who insisted that profit is not a wage, but is due to the assumption of risk.