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Democracy, Knowledge, and the Hidden Economy of Athens

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  • Engen, Darel Tai

Abstract

The economic growth of Classical Athens was fueled largely by the aphanes or “hidden” wealth of the elite, who surreptitiously sheltered their money in non-landed investments in order to avoid both the disesteem of their aristocratic peers and the liturgical obligations imposed by the common people. Therefore, as much as the economic success of Athens was promoted by democratic institutions that encouraged the dispersal of knowledge, it was also furthered by the desire of members of the elite to suppress knowledge of their wealth in order to circumvent both traditional, pre-democratic values (privileging landed wealth) and novel democratic institutions (liturgies).

Suggested Citation

  • Engen, Darel Tai, 2011. "Democracy, Knowledge, and the Hidden Economy of Athens," The Journal of Economic Asymmetries, Elsevier, vol. 8(1), pages 93-106.
    • Handle: RePEc:eee:joecas:v:8:y:2011:i:1:p:93-106
    DOI: 10.1016/j.jeca.2011.01.004
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    References listed on IDEAS

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    1. Bitros, George C. & Karayiannis, Anastassios D., 2010. "Morality, institutions and the wealth of nations: Some lessons from ancient Greece," European Journal of Political Economy, Elsevier, vol. 26(1), pages 68-81, March.
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    More about this item

    Keywords

    N13; N23; N33; N73; Ancient Greece; Democracy; Hidden economy; Growth; Investment; Trade;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913
    • N73 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: Pre-1913

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