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- Publisher
- Brill
- Copyright
- © 2000 Koninklijke Brill NV, Leiden, The Netherlands
- ISSN
- 0022-4995
- eISSN
- 1568-5209
- DOI
- 10.1163/156852000511259
- Publisher site
- See Article on Publisher Site
Abstract
<jats:sec><jats:title>Abstract</jats:title><jats:p>The earliest interest rates in Mesopotamia, Greece and Rome were set not "economically" to reflect profit or productivity rates, but by the dictates of mathematical simplicity of calculation. The interest that was "born" calendrically did not take the form of young animals, but rather of the "unit fraction," the smallest unit fraction in each of the above fractional systems: 1/60th in the Mesopotamia, 1/10th in Greece, and 1/12th in Rome. The "birth" or "calf/kid" metaphor for interest thus referred to "baby fractions", not literally baby animals.</jats:p> </jats:sec>
Journal
Journal of the Economic and Social History of the Orient – Brill
Published: Jan 1, 2000