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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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    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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