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The economics of Greco-Roman slavery

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  • Guthmann, Rafael R.
  • Scheidel, Walter

Abstract

This paper investigates the economic aspects of slavery in the ancient Greco-Roman world. Existing evidence reveals significant variation in the relative cost of slaves compared to unskilled wages: it appears that at different times and places, a typical slave could be purchased for prices equivalent to wages paid from 150 to 1000 days of unskilled labor. To explain this great disparity, we develop a principal–agent model that predicts the return on slaves relative to wages, which varies as a function of the prevalence of slavery in the labor force. This model implies that slavery may have increased aggregate labor productivity by reallocating workers from less productive to more productive regions within the Greco-Roman world.

Suggested Citation

  • Guthmann, Rafael R. & Scheidel, Walter, 2025. "The economics of Greco-Roman slavery," Explorations in Economic History, Elsevier, vol. 97(C).
    • Handle: RePEc:eee:exehis:v:97:y:2025:i:c:s0014498325000361
    DOI: 10.1016/j.eeh.2025.101689
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    References listed on IDEAS

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    1. Dari-Mattiacci, Giuseppe, 2013. "Slavery and Information," The Journal of Economic History, Cambridge University Press, vol. 73(1), pages 79-116, March.
    2. Bernard, Seth, 2024. "The premium for skilled labor in the Roman world," Explorations in Economic History, Elsevier, vol. 91(C).
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    4. Richard C. Sutch, 2018. "The Economics of African American Slavery: The Cliometrics Debate," NBER Working Papers 25197, National Bureau of Economic Research, Inc.
    5. Peter Temin, 2012. "The Roman Market Economy," Economics Books, Princeton University Press, edition 1, volume 1, number 9896, December.
    6. Harper, Kyle, 2016. "People, Plagues, and Prices in the Roman World: The Evidence from Egypt," The Journal of Economic History, Cambridge University Press, vol. 76(3), pages 803-839, September.
    7. Fenoaltea, Stefano, 1984. "Slavery and Supervision in Comparative Perspective: A Model," The Journal of Economic History, Cambridge University Press, vol. 44(3), pages 635-668, September.
    8. Dari-Mattiacci Giuseppe & de Oliveira Guilherme, 2021. "Slavery versus Labor," Review of Law & Economics, De Gruyter, vol. 17(3), pages 495-568, November.
    9. Daron Acemoglu & Alexander Wolitzky, 2011. "The Economics of Labor Coercion," Econometrica, Econometric Society, vol. 79(2), pages 555-600, March.
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    Cited by:

    1. Gauthier, Laurent, 2025. "Incentives and the economics of freedom: Slave peculium, manumission and paramone in ancient Greece," Explorations in Economic History, Elsevier, vol. 98(C).

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    Keywords

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    JEL classification:

    • D29 - Microeconomics - - Production and Organizations - - - Other
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913

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