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Economic Theory and the Ancient Mediterranean presents a comprehensive introduction to the application of contemporary economic theory to the ancient societies of the Mediterranean Sea from the period of 5000 BCE to 400 CE. * Offers an accessible presentation of modern economic theory and its relationships to ancient societies * Presents innovative expositions and applications of economic theory to issues in antiquity not often found in the literature * Features insightful discussions of the relevance of contemporary economic models to various situations in antiquity * Written for a broad…mehr
Economic Theory and the Ancient Mediterranean presents a comprehensive introduction to the application of contemporary economic theory to the ancient societies of the Mediterranean Sea from the period of 5000 BCE to 400 CE. * Offers an accessible presentation of modern economic theory and its relationships to ancient societies * Presents innovative expositions and applications of economic theory to issues in antiquity not often found in the literature * Features insightful discussions of the relevance of contemporary economic models to various situations in antiquity * Written for a broad range of scholars of ancient Mediterranean regions, including archaeologists, ancient historians, and philologists
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Donald W. Jones is Adjunct Professor of Classics, University of Tennessee, and is also an economic consultant involved with demand forecasting and energy economics. He is the author of External Relations of Early Iron Age Crete, 1100-600 B.C. (2000) and co-editor of Measuring the Full Costs and Benefits of Transpiration (1997).
Inhaltsangabe
Preface xiii Acknowledgments xvii Introduction 1 Rationale 1 Organization 2 Method 3 Reader Outcomes 3 Themes 4 Relevance and Applicability 5 References 6 Notes 6 1 Production 8 1.1 The Production Function 9 1.2 The "Law" of Variable Proportions 11 1.3 Substitution 13 1.4 Measuring Substitution 15 1.5 Specific "Functional Forms" for Production Functions 16 1.6 Attributing Products to Inputs: Distributing Income from Production 17 1.7 Efficiency and the Choice of How to Produce 18 1.8 Predictions of Production Theory 1: Input Price Changes 20 1.9 Predictions of Production Theory 2: Technological Changes 21 1.10 Stocks and Flows 22 1.11 The Distribution of Income 23 1.12 Production Functions in Achaemenid Babylonia 25 References 26 Suggested Readings 27 Notes 27 2 Cost and Supply 29 2.1 The Cost Function 31 2.2 Short Run and Long Run 32 2.3 The Relationship between Cost and Production 33 2.4 Producers' Objectives 34 2.5 Supply Curves 35 2.6 Demands for Factors of Production 40 2.7 Factor Costs in General:Wages and Rents 41 2.8 Allocation of Factors across Activities 43 2.9 Organizing Production:The Firm 43 2.10 A More General Treatment of Cost Functions 46 2.11 The Economics of Mycenaean Vases, I: Supply and Cost 47 2.12 Accounting for Apparent Cost Changes in Minoan Pottery 49 2.13 Production in an Entire Economy: The Production Possibilities Frontier 50 References 52 Suggested Readings 53 Notes 53 3 Consumption 55 3.1 Rationality of the Consumer 57 3.2 The Budget 57 3.3 Utility and Indifference Curves 58 3.4 Demand 60 3.5 Demand Elasticities 63 3.6 Aggregate Demand 65 3.7 Evaluating Changes inWellbeing 66 3.8 Price and Consumption Indexes 70 3.9 Intertemporal Choice 73 3.10 Durable Goods and Discrete Choice 75 3.11 Variety and Differentiated Goods 79 3.12 Value of Time and Household Production 82 3.13 Risk, Risk Aversion, and Expected Utility 86 3.14 Irrational Behavior 88 3.15 Fixed Prices 90 3.16 Applying Demand Concepts: Relationships between Housing Consumption, Housing Prices, and Incomes in Pompeii 93 3.17 The Economics of Mycenaean Vases, II: Demand 96 References 99 Suggested Readings 99 Notes 100 4 Industry Structure and the Types of Competition 103 4.1 Perfect Competition 104 4.2 Competitive Equilibrium 106 4.3 Monopoly 108 4.4 Oligopoly 110 4.5 Monopolistic Competition 111 4.6 Contestable Markets 112 4.7 Buyer's Power: Monopsony 113 4.8 The Economics of Mycenaean Vases, III: Industry Structure 114 4.9 Ancient Monopoly and Oligopoly: Religion and Foreign Trade 115 References 117 Suggested Readings 118 Notes 118 5 General Equilibrium 120 5.1 General Equilibrium as a Fact and as a Model 120 5.2 TheWalrasian Model 124 5.3 Exchange 127 5.4 The Two-Sector Model 128 5.5 Existence and Uniqueness of Equilibrium 133 5.6 Computable General Equilibrium Models 134 References 136 Suggested Readings 137 Notes 137 6 Public Economics 139 6.1 Government in the Economy: Scope of Activities, Modern and Ancient 139 6.2 Private Goods, Public Goods, and Externalities 141 6.3 Raising Revenue 149 6.4 TheTheory of Second Best 174 6.5 Government Productive Activities 175 6.6 Regulation of Private Economic Activities 191 6.7 The Behavior of Government and Government Agencies 194 6.8 Suggestions for Using the Material of this Chapter 196 References 197 Suggested Readings 199 Notes 199 7 The Economics of Information and Risk 202 7.1 Risk 202 7.2 Information and Learning 217 7.3 Dealing with Nature's Uncertainty 225 7.4 Behavioral Uncertainty 235 7.5 Expectations 246 7.6 Competitive Behavior under Uncertainty 252 7.7 Suggestions for Using the Material of this Chapter 253 References 254 Suggested Readings 255 Notes 255 8 Capital 258 8.1 The Substance and Concepts of Capital 258 8.2 Quasi-Rents 270 8.3 Interest Rates 272 8.4 TheTheory of Capital 276 8.5 Use of Capital by Firms 284 8.6 Consumption and Saving 290 8.7 Capital Formation 294 8.8 Suggestions for Using the Material of this Chapter 296 References 297 Suggested Readings 298 Notes 298 9 Money and Banking 301 9.1 The Services of Money 302 9.2 The Types of Money 304 9.3 Some Preliminary Concepts 305 9.4 The Demand for Money 309 9.5 The Supply of Money 318 9.6 Inflation 337 9.7 Monetary Policy 342 9.8 Suggestions for Using the Material of this Chapter 345 References 345 Suggested Readings 347 Notes 347 10 Labor 350 10.1 Applying Contemporary Labor Models to Ancient Behavior and Institutions 350 10.2 Human Capital 353 10.3 Labor Supply 357 10.4 Labor Demand 375 10.5 Labor Contracts 384 10.6 Migration 391 10.7 Families 398 10.8 Labor and the Family Enterprise 414 10.9 Slavery 423 10.10 Suggestions for Using the Material of this Chapter 428 References 429 Suggested Readings 432 Notes 433 11 Land and Location 440 11.1 The Special Characteristics of Land 440 11.2 Land as a Factor of Production 441 11.3 The Location of Land Uses 442 11.4 The Location of Production Facilities 452 11.5 Consumption and the Location of Marketing 457 11.6 Transportation 463 11.7 Suggestions for Using the Material of this Chapter 467 References 468 Suggested Readings 469 Notes 470 12 Cities 472 12.1 Cities and their Analysis, Modern and Ancient 472 12.2 Economies of Cities 475 12.3 Housing 479 12.4 Urban Spatial Structure 482 12.5 Systems of Cities 492 12.6 Urban Finance 503 12.7 Suggestions for Using the Material of this Chapter 507 References 508 Suggested Readings 510 Notes 511 13 Natural Resources 516 13.1 Exhaustible Resources 517 13.2 Renewable Resources 524 13.3 Resource Scarcity 531 13.4 The Ancient Mining-Forestry Complex 531 13.5 Suggestions for Using the Material of this Chapter 532 References 533 Suggested Readings 533 Notes 533 14 Growth 535 14.1 Introduction 535 14.2 Essential Concepts 536 14.3 Neoclassical GrowthTheory 538 14.4 Structural Change 546 14.5 Institutions 551 14.6 Studying Economic Growth in Antiquity 553 14.7 Suggestions for Using the Material of this Chapter 559 References 561 Suggested Readings 564 Notes 564 Index 569
Preface xiii Acknowledgments xvii Introduction 1 Rationale 1 Organization 2 Method 3 Reader Outcomes 3 Themes 4 Relevance and Applicability 5 References 6 Notes 6 1 Production 8 1.1 The Production Function 9 1.2 The "Law" of Variable Proportions 11 1.3 Substitution 13 1.4 Measuring Substitution 15 1.5 Specific "Functional Forms" for Production Functions 16 1.6 Attributing Products to Inputs: Distributing Income from Production 17 1.7 Efficiency and the Choice of How to Produce 18 1.8 Predictions of Production Theory 1: Input Price Changes 20 1.9 Predictions of Production Theory 2: Technological Changes 21 1.10 Stocks and Flows 22 1.11 The Distribution of Income 23 1.12 Production Functions in Achaemenid Babylonia 25 References 26 Suggested Readings 27 Notes 27 2 Cost and Supply 29 2.1 The Cost Function 31 2.2 Short Run and Long Run 32 2.3 The Relationship between Cost and Production 33 2.4 Producers' Objectives 34 2.5 Supply Curves 35 2.6 Demands for Factors of Production 40 2.7 Factor Costs in General:Wages and Rents 41 2.8 Allocation of Factors across Activities 43 2.9 Organizing Production:The Firm 43 2.10 A More General Treatment of Cost Functions 46 2.11 The Economics of Mycenaean Vases, I: Supply and Cost 47 2.12 Accounting for Apparent Cost Changes in Minoan Pottery 49 2.13 Production in an Entire Economy: The Production Possibilities Frontier 50 References 52 Suggested Readings 53 Notes 53 3 Consumption 55 3.1 Rationality of the Consumer 57 3.2 The Budget 57 3.3 Utility and Indifference Curves 58 3.4 Demand 60 3.5 Demand Elasticities 63 3.6 Aggregate Demand 65 3.7 Evaluating Changes inWellbeing 66 3.8 Price and Consumption Indexes 70 3.9 Intertemporal Choice 73 3.10 Durable Goods and Discrete Choice 75 3.11 Variety and Differentiated Goods 79 3.12 Value of Time and Household Production 82 3.13 Risk, Risk Aversion, and Expected Utility 86 3.14 Irrational Behavior 88 3.15 Fixed Prices 90 3.16 Applying Demand Concepts: Relationships between Housing Consumption, Housing Prices, and Incomes in Pompeii 93 3.17 The Economics of Mycenaean Vases, II: Demand 96 References 99 Suggested Readings 99 Notes 100 4 Industry Structure and the Types of Competition 103 4.1 Perfect Competition 104 4.2 Competitive Equilibrium 106 4.3 Monopoly 108 4.4 Oligopoly 110 4.5 Monopolistic Competition 111 4.6 Contestable Markets 112 4.7 Buyer's Power: Monopsony 113 4.8 The Economics of Mycenaean Vases, III: Industry Structure 114 4.9 Ancient Monopoly and Oligopoly: Religion and Foreign Trade 115 References 117 Suggested Readings 118 Notes 118 5 General Equilibrium 120 5.1 General Equilibrium as a Fact and as a Model 120 5.2 TheWalrasian Model 124 5.3 Exchange 127 5.4 The Two-Sector Model 128 5.5 Existence and Uniqueness of Equilibrium 133 5.6 Computable General Equilibrium Models 134 References 136 Suggested Readings 137 Notes 137 6 Public Economics 139 6.1 Government in the Economy: Scope of Activities, Modern and Ancient 139 6.2 Private Goods, Public Goods, and Externalities 141 6.3 Raising Revenue 149 6.4 TheTheory of Second Best 174 6.5 Government Productive Activities 175 6.6 Regulation of Private Economic Activities 191 6.7 The Behavior of Government and Government Agencies 194 6.8 Suggestions for Using the Material of this Chapter 196 References 197 Suggested Readings 199 Notes 199 7 The Economics of Information and Risk 202 7.1 Risk 202 7.2 Information and Learning 217 7.3 Dealing with Nature's Uncertainty 225 7.4 Behavioral Uncertainty 235 7.5 Expectations 246 7.6 Competitive Behavior under Uncertainty 252 7.7 Suggestions for Using the Material of this Chapter 253 References 254 Suggested Readings 255 Notes 255 8 Capital 258 8.1 The Substance and Concepts of Capital 258 8.2 Quasi-Rents 270 8.3 Interest Rates 272 8.4 TheTheory of Capital 276 8.5 Use of Capital by Firms 284 8.6 Consumption and Saving 290 8.7 Capital Formation 294 8.8 Suggestions for Using the Material of this Chapter 296 References 297 Suggested Readings 298 Notes 298 9 Money and Banking 301 9.1 The Services of Money 302 9.2 The Types of Money 304 9.3 Some Preliminary Concepts 305 9.4 The Demand for Money 309 9.5 The Supply of Money 318 9.6 Inflation 337 9.7 Monetary Policy 342 9.8 Suggestions for Using the Material of this Chapter 345 References 345 Suggested Readings 347 Notes 347 10 Labor 350 10.1 Applying Contemporary Labor Models to Ancient Behavior and Institutions 350 10.2 Human Capital 353 10.3 Labor Supply 357 10.4 Labor Demand 375 10.5 Labor Contracts 384 10.6 Migration 391 10.7 Families 398 10.8 Labor and the Family Enterprise 414 10.9 Slavery 423 10.10 Suggestions for Using the Material of this Chapter 428 References 429 Suggested Readings 432 Notes 433 11 Land and Location 440 11.1 The Special Characteristics of Land 440 11.2 Land as a Factor of Production 441 11.3 The Location of Land Uses 442 11.4 The Location of Production Facilities 452 11.5 Consumption and the Location of Marketing 457 11.6 Transportation 463 11.7 Suggestions for Using the Material of this Chapter 467 References 468 Suggested Readings 469 Notes 470 12 Cities 472 12.1 Cities and their Analysis, Modern and Ancient 472 12.2 Economies of Cities 475 12.3 Housing 479 12.4 Urban Spatial Structure 482 12.5 Systems of Cities 492 12.6 Urban Finance 503 12.7 Suggestions for Using the Material of this Chapter 507 References 508 Suggested Readings 510 Notes 511 13 Natural Resources 516 13.1 Exhaustible Resources 517 13.2 Renewable Resources 524 13.3 Resource Scarcity 531 13.4 The Ancient Mining-Forestry Complex 531 13.5 Suggestions for Using the Material of this Chapter 532 References 533 Suggested Readings 533 Notes 533 14 Growth 535 14.1 Introduction 535 14.2 Essential Concepts 536 14.3 Neoclassical GrowthTheory 538 14.4 Structural Change 546 14.5 Institutions 551 14.6 Studying Economic Growth in Antiquity 553 14.7 Suggestions for Using the Material of this Chapter 559 References 561 Suggested Readings 564 Notes 564 Index 569
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