The Economy of the Early Roman Empire

doi:10.1257/089533006776526148

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The Economy of the Early Roman Empire

Published Feb 1, 2006 · P. Temin

Journal of Economic Perspectives

Q1 SJR score

144

Citations

5

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Abstract

Many inhabitants of ancient Rome lived well. Tourists marvel at the temples, baths, roads and aqueducts that they built. Economists also want to understand the existence of a flourishing and apparently prosperous economy two millennia ago. Market institutions and a stable government appear to have been the combination that produced this remarkable result. This essay provides an economist's view of the Roman economy that emphasizes the role of markets. I focus on the early Roman Empire, from 27 BCE to around 200 CE. I begin with some indications suggesting that the standard of living in ancient Rome was similar to that of early modern period of seventeenth- and eighteenth-century Europe, an extraordinary achievement for any economy in the ancient world. I then argue that ancient Rome managed to achieve this high standard of living through the combined operation of moderately stable political conditions and markets for goods, labor and capital, which allowed specialization and efficiency. After surveying the labor and financial markets in turn, I return to the broad questions of how the Romans prospered and the economy appears to have grown.

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Key takeawayAncient Rome achieved a high standard of living due to moderately stable political conditions and markets for goods, labor, and capital, allowing specialization and efficiency.

PopulationOlder adults (50-71 years)

Sample size24

MethodsObservational

OutcomesBody Mass Index projections

ResultsSocial networks mitigate obesity in older groups.

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The Economy of the Early Roman Empire

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References

Roman Law in Context

Roman law worked for those in ancient Rome, influenced by society and economy, and has been influenced by medieval and modern Europe.

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Capitalism is the only mode of production in which the exploited class experiences substantial economic uncertainty, highlighting the importance of institutional structures in distributing uncertainty among social groups.

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Roman merchants organized massive grain imports using social and economic institutions, enabling them to operate on a large-scale as any other pre-industrial merchant group.

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Technological progress and regress in pre-industrial times are influenced by population growth and the adoption of new techniques, with a need for constant practice and transmission to maintain a high level of knowledge.

Capitalism and Freedom: Manumissions and the Slave Market in Louisiana, 1725–1820

Manumission laws significantly influenced the terms of slavery in Louisiana, with a drop in manumissions and increased prices after the Louisiana Purchase.

Citations

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Conventional economics tends to adopt an ambivalent, dualistic approach to social stratification, focusing on either neglecting or recognizing its existence and relevance, with potential implications for the history of economic thought and sociology.