Critical approaches to and methological controversies over the economic history of the roman world

Abstract

The aim of the paper is to systematically explore the contemporary repercussions of the formalist / substantivist controversy in ancient economic history. The classical scholars Finley and Polanyi were explicitly opposed to the application of neoclassical economic analysis to ancient economic phenomena, in so far as market relations appeared unimportant in shaping economic outcomes in the ancient world. The paper challenges this view by critically discussing recent contributions that facilitate an alternative view of the economic history of the Roman world. In this respect, we employ alternative economic assumptions that embody institutional and normative aspects of the economic life, more pertinent to the particularities of the ancient economy. More specifically, we resort to theoretical approaches based on New Institutional Economics that in our view are in position to provide further insights on an integrated approach of ancient economic institutions, structures and practices. Accordingly, issues such as the emergence and operation of markets, economic efficiency and performance, as well as the possibility of
economic growth, are properly taken into consideration in this new research agenda. We also suggest that
an interdisciplinary approach, placing an emphasis on the analytical tools of Economics, may provide intellectual stimuli to further economic research.

JEL Classifications: N01, N23, N93, Z13