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The Political Economy of Polytheism: the Indian Versus the Greco-Roman Religions

Author

Listed:
  • Atin Basuchoudhary

    (Virginia Military Institute)

  • Mario Ferrero

    (University of Eastern Piedmont)

  • Timothy Lubin

    (Washington and Lee University)

Abstract

While most ancient polytheistic religions died out under the impact of monotheism, Hinduism stands out as a lively exception. Why was the Indian variety of polytheism more resilient than the Greek and Roman variety? This paper—the first to subject classical Hinduism to modern economic analysis—argues that the theological structure and the organization of priesthoods, which together determine the form of competition within the religious system, may help explain the different historical outcomes of these polytheistic systems.

Suggested Citation

  • Atin Basuchoudhary & Mario Ferrero & Timothy Lubin, 2020. "The Political Economy of Polytheism: the Indian Versus the Greco-Roman Religions," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 37(3), pages 183-211, December.
    • Handle: RePEc:spr:homoec:v:37:y:2020:i:3:d:10.1007_s41412-020-00102-z
    DOI: 10.1007/s41412-020-00102-z
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    References listed on IDEAS

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    1. Oslington, Paul, 2005. "Deus Economicus," MPRA Paper 962, University Library of Munich, Germany.
    2. Sriya Iyer, 2016. "The New Economics of Religion," Journal of Economic Literature, American Economic Association, vol. 54(2), pages 395-441, June.
    3. Steven J. Brams, 2002. "Biblical Games: Game Theory and the Hebrew Bible," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262523329, December.
    4. Mario Ferrero, 2013. "The rise and demise of theocracy: theory and some evidence," Public Choice, Springer, vol. 156(3), pages 723-750, September.
    5. Michihiro Kandori, 1992. "Repeated Games Played by Overlapping Generations of Players," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 59(1), pages 81-92.
    6. Brennan, Geoffrey & Kliemt, Hartmut, 1994. "Finite Lives and Social Institutions," Kyklos, Wiley Blackwell, vol. 47(4), pages 551-571.
    7. Atin Basuchoudhary & Laura Razzolini, 2018. "The evolution of revolution: Is splintering inevitable?," Economics of Peace and Security Journal, EPS Publishing, vol. 13(1), pages 43-54, April.
    8. Geoffrey Brennan & Hartmut Kliemt, 1994. "Finite Lives and Social Institutions," Kyklos, Wiley Blackwell, vol. 47(4), pages 551-571, November.
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    Cited by:

    1. Mario Ferrero, 2021. "From Polytheism to Monotheism: Zoroaster and Some Economic Theory," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 38(1), pages 77-108, December.

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    More about this item

    Keywords

    Greco-Roman religion; Indian religion; Polytheism; Priests; Sects; Religious competition;
    All these keywords.

    JEL classification:

    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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