Abstract
In previous lectures, we have studied the many facets of the relationship between law and economics, and in particular the influence of philosophy. This led us to a clearer understanding of the fundamental relationship between the use of wealth and virtue. But it's also clear that the Romans were well versed in the workings of the market, and in particular in the mechanism of price formation linked to the relationship between supply and demand. Nor were they devoid of a desire for wealth and growth, despite an ambivalent relationship with luxury. The law conformed to Roman values of money, rank and fame. But economic arguments are very rare, both in the praetor's edict and in his commentaries. For the most part, they remain internal to the legal system. Is it relevant, then, to examine ancient law from an economic point of view ? Wouldn't it be wiser to reverse the relationship between the two systems ? In Rome, legal motivations took the place of economic arguments in today's world.
Two texts are particularly revealing in this respect. One concerns the private sphere, the other the public sphere, and both involve legal values. The first, taken from Pliny's Letters (8.2), shows a speculative mechanism involving the sale and purchase of grapes in response to a rise in the price of wine. Pliny had auctioned off his produce, and the fruit had been purchased at a very high price in anticipation of an increase in the price of wine. On the contrary, the price fell. From a legal point of view, this sale was perfectly valid. But Pliny, out of a sense of solidarity or business acumen, decided to act justly and fairly : he offered a discount to unlucky buyers. And, in this quest for balance, he differentiates between merit and fault, applying a scale of discounts based on both price and payment of the sums promised. This is the example of justice and virtue he wishes to offer posterity in his letters. He preferred fame, gratitude and social standing to gain.
The second text illustrates the same type of reasoning at the top of the state. This is a constitution of Hadrian dated 136(Oslo Papyrus 3. 78 SB 3. 6944a/b and Heidelberg Papyrus VII 396), in which the Emperor demonstrates his philanthropy by taking into account the climatic conditions faced by Egyptian farmers. These farmers were occupying public land granted in usufruct against payment of a royalty, and had recently suffered the vagaries of low Nile flooding for two consecutive years. Hadrian therefore decided to offer a deferment of rent to these occupants, but here, as in Pliny's book, the deadline is not the same for everyone. It depends on the region and the foreseeable damage to each. The principle of equity is therefore spontaneously applied. This confirms that public action is not guided by economic-financial considerations in the modern sense, but by legal criteria. In conclusion, all the texts and issues addressed this year highlight the role played by the law in Rome : that of guiding, according to principles inspired by the quest for the good-being, activities that today we consider to be governed by profit criteria.
