<P> Fan Li (also known as Tao Zhu Gong) (born 517 BC), an adviser to King Goujian of Yue, wrote on economic issues and developed a set of "golden" business rules . </P> <P> Chanakya (born 350 BC) wrote the Arthashastra, a treatise on statecraft, economic policy and military strategy . </P> <P> Ancient Athens, an advanced city - state civilisation and progressive society, developed an embryonic model of democracy . </P> <P> Xenophon's (c. 430--354 BC) Oeconomicus (c. 360 BC) is a dialogue principally about household management and agriculture . </P>

Importance of the study of history of economic thought