Abstract
Economic value should not be restricted to commodity, factor and asset prices; economic value should include intrinsic concepts of well-being and welfare. Concepts of well-being have greatly varied over time and space which has also affected the understanding of economic development. Concepts of well-being have been influenced by notions of value and wealth so that it can be suggested that the term economic development is qualitatively determined by conceptions of value and wealth. This paper exhibits forms of value and wealth during the period of early civilisation. A juxtaposition of ideas and concepts of well-being during this early time period facilitates a more critical approach to economic development today.
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