Butler, J. S. and Weinhold, Diana (2002) Taxing losses: economic suicide or shrewd trade policy? Journal of interdisciplinary history, 33 (1). pp. 47-57. ISSN 0022-1953
The ancient Nabateans had an economic law that penalized those who diminished and rewarded those who increased the common property. Normally, such a law could reduce long-run growth, but the Nabateans flourished. In the context of their nearly pure trade economy, this law enhanced the city of Petra's ability to accumulate wealth by discouraging competitive price reductions (a strategic trade policy). Under general assumptions, the policy would also have penalized inefficient traders, reduced the number of traders, and increased aggregate saving.
|Additional Information:||© 2002 the Massachusetts Institute of Technology and the editors of The Journal of Interdisciplinary History|
|Library of Congress subject classification:||H Social Sciences > HC Economic History and Conditions|
|Sets:||Departments > International Development
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