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How do you account for slavery?

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Tue May 6th, 2008 at 04:50:38 PM EST
[ Parent ]
Negative income, hmmm...

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Tue May 6th, 2008 at 04:56:40 PM EST
[ Parent ]
I don't know, but that is definitely my point!

Actually, you could technically count a slave's food/clothing/housing provision as income, though it wouldn't come up to much.

PS I did find this, but my knowledge of economics isn't enough to appreciate if it is really what I meant.

Member of the Anti-Fabulousness League since 1987.

by Ephemera on Tue May 6th, 2008 at 07:41:50 PM EST
[ Parent ]
Um, I think you would exclude the slave from the calculations entirely, as an item of 'capital' ... or the ancient equivalent thereof.

Seriously. At least in certain circumstances, a slave is an investment that must be maintained, rather than someone that can simply be sacked and forgotten about. This is interestingly brought out in a passage I saw quoted in G.E.M de St. Croix's 'The Class Struggle in the Ancient Greek World', referring to the institution of slavery in the US. In this passage, a traveller noted that in a ship being loaded, the black slaves were all throwing the objects into the hold, and the white Irish were at the bottom, catching the stuff and moving it about. On enquiry, he was told: 'No one cares if the Paddies get their backs broken' - because they were hired by the day, and no loss resulted if they were injured permanently. It was different for the black slaves, item of property, chattels ... who, ironically, and unbelievably from our point of view, were better off than the paid labour ...

by wing26 on Thu May 8th, 2008 at 09:06:05 AM EST
[ Parent ]
oh yeah ... I want to add that, according to the historian I have quoted, the majority of production in the Ancient World was still carried out by free (mostly peasant) labour. So, in calculating our Gini coefficient or equivalent, we should perhaps not be too disturbed by excluding the slaves. But again, as pointed out by the same author, the societies of the Ancient World such as Greece and Rome are properly classified as slave societies not because most people were slaves (they weren't), but because a major part of the economic surplus that accrued to the wealthy came from slave production.
by wing26 on Thu May 8th, 2008 at 09:12:23 AM EST
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