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Roman Market Economy

ISBN-10: 069114768X
ISBN-13: 9780691147680
Edition: 2013
Authors: Peter Temin
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Description: he quality of life for ordinary Roman citizens at the height of the Roman Empire probably was better than that of any other large group of people living before the Industrial Revolution.The Roman Market Economyuses the tools of modern economics to  More...

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Book details

Copyright year: 2013
Publisher: Princeton University Press
Publication date: 12/16/2012
Binding: Hardcover
Pages: 320
Size: 6.50" wide x 9.50" long x 1.25" tall
Weight: 1.474
Language: English

he quality of life for ordinary Roman citizens at the height of the Roman Empire probably was better than that of any other large group of people living before the Industrial Revolution.The Roman Market Economyuses the tools of modern economics to show how trade, markets, and the Pax Romana were critical to ancient Rome's prosperity.Peter Temin, one of the world's foremost economic historians, argues that markets dominated the Roman economy. He traces how the Pax Romana encouraged trade around the Mediterranean, and how Roman law promoted commerce and banking. Temin shows that a reasonably vibrant market for wheat extended throughout the empire, and suggests that the Antonine Plague may have been responsible for turning the stable prices of the early empire into the persistent inflation of the late. He vividly describes how various markets operated in Roman times, from commodities and slaves to the buying and selling of land. Applying modern methods for evaluating economic growth to data culled from historical sources, Temin argues that Roman Italy in the second century was as prosperous as the Dutch Republic in its golden age of the seventeenth century.The Roman Market Economyreveals how economics can help us understand how the Roman Empire could have ruled seventy million people and endured for centuries.

Peter Temin is Elisha Gray II Professor Emeritus of Economics at MIT and the author of Lessons from the Great Depression (MIT Press) and other books. Temin and Vines are coauthors of The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It.

Preface and Acknowledgments
Economics and Ancient History
Prices
Introduction: Data and Hypothesis Tests
Wheat Prices and Trade in the Early Roman Empire
Price Behavior in Hellenistic Babylon
Appendix to Chapter 3
Price Behavior in the Roman Empire
Markets in the Roman Empire
Introduction: Roman Microeconomics
The Grain Trade
The Labor Market
Land Ownership
Financial Intermediation
The Roman Economy
Introduction: Roman Macroeconomics
Growth Theory for Ancient Economies
Economic Growth in a Malthusian Empire
Appendix to Chapter 10
Per Capita GDP in the Early Roman Empire
References
Index

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