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The legacy of the past: ancient economic thought on wealth and development

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  • Cosimo Perrotta

Abstract

Ancient economic thought was in general hostile to enrichment and saw wealth as inner wealth. This attitude was coherent with an economy mainly closed and static, based on agriculture and on slave work. But also it greatly contributed to restrain economic development in ancient societies. Ancient economic thought had an enormous influence on early modern thought. The latter borrowed its hostility from enrichment, which contradicted the real tendency of the new society. Thus, from the beginning, modern economy could not enjoy the support of a high economic theory. It could not legitimate enrichment and the increase in consumption.

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  • Cosimo Perrotta, 2003. "The legacy of the past: ancient economic thought on wealth and development," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(2), pages 177-229.
    • Handle: RePEc:taf:eujhet:v:10:y:2003:i:2:p:177-229
    DOI: 10.1080/0967256032000066873
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    References listed on IDEAS

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    1. Barry Gordon, 1975. "Economic Analysis before Adam Smith," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-02116-1, December.
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