The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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3. 3 | Profit, Loss, and the Entrepreneur Peter G. Klein | Mises Academy 2012
The entrepreneurial function
► Entrepreneurship: deployment of resources (in the present) in
anticipation of (uncertain) future receipts.
Implies property ownership
May or may not imply imagination, creativity, alertness, leadership, etc.
► Profit (loss): residual accruing to business owner after factors of
production have been paid.
In the ERE, all factor prices would equal their DMRPs no profit or loss
► Laborers: earn wages
► Landowners: earn rents
► Capitalists: earn interest
Profit and loss can thus only exist under conditions of uncertainty.
Note on profit measurement, profit rates, etc.
4. 4 | Profit, Loss, and the Entrepreneur Peter G. Klein | Mises Academy 2012
Uncertainty versus risk
► Frank Knight (1921) on risk and uncertainty
Risk: possible outcomes and probabilities are known
Uncertainty: probability distribution is unknown
► Richard (and Ludwig) von Mises on probability
Class probability: event is part of a class of
similar, repeatable events
► Games of chance
► Insurance
Case probability: event
constitutes a unique case
► Understanding
5. 5 | Profit, Loss, and the Entrepreneur Peter G. Klein | Mises Academy 2012
What profit is not
► Interest
Interest: reward for foregoing consumption
Profit: reward for successfully bearing uncertainty
► Accounting income
Accounting income includes profit, interest, and the entrepreneur’s
implicit wage
Economic concept of profit as a functional category, not a line item on
the income statement
► An automatic “return to capital”
► A markup over production costs
6. 6 | Profit, Loss, and the Entrepreneur Peter G. Klein | Mises Academy 2012
Entrepreneurship and resource heterogeneity
► Austrian capital theory: heterogeneous, subjectively perceived
resources
► Lachmann (1956) on heterogeneity: “We are living
in a world of unexpected change; hence capital
combinations . . . will be ever changing, will be
dissolved and reformed. In this activity, we find the
real function of the entrepreneur.”
► Note: given resource heterogeneity, profits and
losses can only be calculated in a money terms.
Ludwig Lachmann
9. 9 | Profit, Loss, and the Entrepreneur Peter G. Klein | Mises Academy 2012
Mises’s entrepreneur‐promoter
► A special class of entrepreneur
Economics “also calls entrepreneurs those who are especially eager to
profit from adjusting production to the expected changes in conditions,
those who have more initiative, more venturesomeness, and a quicker
eye than the crowd, the pushing and promoting pioneers of economic
improvement” (Mises, 1949, p. 255).
Mises’s suggested term for these: promoter
► Characteristics of the promoter
Owns and invests financial and/or physical capital
Is particularly alert to profit opportunities
Exhibits creativity and leadership
A more loosely defined, historically contingent
concept than the pure, functional entrepreneur
11. 11 | Profit, Loss, and the Entrepreneur Peter G. Klein | Mises Academy 2012
Alternative perspectives on the entrepreneurial function
► Israel Kirzner: entrepreneurship as alertness to
opportunities
Similar to Mises’s promoter, but without capital
Entrepreneurship (necessarily?) “pierces the fog”
of uncertainty”
Focuses not on profit and loss, but on equilibration
► Joseph Schumpeter: entrepreneurship as the introduction
of new products, processes, markets
An “Austrian” addition to Walrasian general equilibrium
Sees the entrepreneur as a disequilibrating force
(“creative destruction”)
► Mises: closer to Knight’s view of
entrepreneurship as judgmental decision‐
making under uncertainty
12. 12 | Profit, Loss, and the Entrepreneur Peter G. Klein | Mises Academy 2012
Alternative concepts of entrepreneurship
► Occupational concepts
Entrepreneur = self‐employed individual
Labor economics literature on occupational choice
Psychological studies of the entrepreneur’s characteristics
► Structural concepts
Unit of analysis: the firm or industry
Entrepreneurial firm = new or small firm
IO literature on industry evolution
► Note: little relationship to functional approaches
14. 14 | Profit, Loss, and the Entrepreneur Peter G. Klein | Mises Academy 2012
The theory of the firm
► Why do firms exist?
Transaction costs of market exchange (Coase 1937)
Entrepreneurial judgment is non‐contractible (Knight, 1921)
► What determines the boundary of the firm?
Internal and external transaction costs
Entrepreneurial talent
Need for economic calculation (Rothbard)
► How should the firm be organized?
Costs and benefits of delegation (Foss, Foss, and Klein, 2007)
15. 15 | Profit, Loss, and the Entrepreneur Peter G. Klein | Mises Academy 2012
The limits to the firm
► Incremental limits: indivisibility in the entrepreneurial judgment
► Ultimate limit: need for external markets for all internally
transferred factors
The vertical stages of production
Divisional profit and loss
Need for market‐based transfer prices
► Calculational chaos
As external markets disappear, “islands of noncalculable chaos swell to
the proportions of masses and continents. As the area of incalculability
increases, the degrees of irrationality, misallocation, loss,
impoverishment, etc., become greater” (p. 548).
► Relationship to socialist calculation debate