The institutions of Roman markets
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- dc.contributor.author Arruñada, Benito
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:27:10Z
- dc.date.available 2020-05-25T09:27:10Z
- dc.date.issued 2015-03-01
- dc.date.modified 2020-05-25T09:24:35Z
- dc.description.abstract The chapter analyzes the basis of the market economy in classical Rome, from the perspective of personal vs impersonal exchange and focusing on the role of the state in providing market-enabling institutions. It starts by reviewing the central conflict in all exchanges between those holding and those acquiring property rights, and how solving it requires reducing information asymmetry without endangering the security of property. Relying on a model of the social choice of institutions, the chapter identifies the demand and supply factors driving the institutional choices made by the Romans, and examines the economic circumstances that influenced these factors in the classical period of Roman law. Comparing the predictions of the model with the main solutions used by Roman law in the areas of property, business exchange, and the enforcement of personal obligations allows the chapter to propose alternative interpretations for some salient institutions that have been subject to controversy in the literature, and to conclude with an overall positive assessment of the market-enabling role of the Roman state.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1471
- dc.identifier.citation Giuseppe Dari-Mattiacci, ed., Roman Law and Economics, vol. 2, Ch. 17. Oxford Studies in Roman Society and Law (Tom McGinn and Paul Du Plessis, eds.). Oxford: Oxford University Press, 2020.
- dc.identifier.uri http://hdl.handle.net/10230/23166
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1471
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword economics of ancient law
- dc.subject.keyword economics of ancient societies
- dc.subject.keyword economic analysis of roman law
- dc.subject.keyword law and economics
- dc.subject.keyword roman history
- dc.subject.keyword property rights
- dc.subject.keyword transaction costs
- dc.subject.keyword registries
- dc.subject.keyword impersonal exchange
- dc.subject.keyword Business Economics and Industrial Organization
- dc.title The institutions of Roman markets
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper