Authors: George A. Petrochilos
Addresses: Coventry University, UK
Abstract: In recent years, there has been a revival of interest in the contribution of ancient Greek writers to economic thought. The present paper argues that the Hellenic contributions on private ownership of property and atomistic behaviour, division of labour, free foreign trade, value, money, interest, as well as the efficient and effective estate management, leading to wealth creation and growth, compare favourably with our present views on these matters. While their analysis of economic issues has been part of ethics and politics and has lacked an autonomous and systematic treatment of the subject, nevertheless, their teachings have influenced subsequent thinkers, including Adam Smith and in particular Karl Marx, and have been very relevant in the development of economics.
Keywords: economic thought; economics development; economic theory; ancient Greece; private ownership; property ownership; atomistic behaviour; division of labour; free foreign trade; value; money; interest; estate management; wealth creation; economic growth; Hellenic economics.
Global Business and Economics Review, 1999 Vol.1 No.2, pp.215 - 246
Published online: 07 Feb 2005 *Full-text access for editors Access for subscribers Purchase this article Comment on this article