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Human capital and the growth of the Roman economy

Human capital and the growth of the Roman economy

Richard Saller (Stanford University)

Princeton/Stanford Working Papers in Classics, June (2008)

Abstract

Over the past 50 years economists have increasingly emphasized investment in human capital as a fundamental cause of sustained economic growth, because investments in education, training and health make the labor force more productive. This paper examines Roman education and training, and argues that Roman investment in human capital was higher in the early empire that at any time in Europe before 1500 CE, but noticeably lower than in the fastest growing economies of the early modern era (e.g., the Netherlands).



This paper takes as a starting point Keith Hopkins’ basic article, “Rome, taxes, rents and trade.” Walter Scheidel’s introduction to the article described it as “…the only comprehensive attempt to explain the dynamics of the Roman imperial economy currently available…. [It] will remain the starting point for further research for the foreseeable future.” Hopkins concluded that the Roman empire experienced “modest, though significant, economic growth.” For those of us who follow Hopkins, the challenge is to put as much content into the phrase “modest, though significant” as possible within the constraints of the evidence. My paper has two parts: first, some general methodological observations in the hope of promoting clarity, and second, a broad sketch of one principal aspect of economic growth, human capital.

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