Wheat prices appear to double, for example, in Roman Egypt in the mid- to late 2nd century ce. 6 While this index helps economic historians identify periods of price inflation, the exact cause(s) of specific inflationary episodes continue to generate debate. The index of (mostly Egyptian) ancient wheat prices, for example, is consulted regularly in studies of ancient prices and price inflation because of its relatively comprehensive coverage decade to decade, if not year to year in some periods. 5 Such indices allow scholars to simplify their investigations through the use of standardized units of value and comparisons between similar goods or categories of goods. 4 Tracking price inflation, however, requires scholars to convert price data into price indices-sets of regionalized prices restricted to particular classes of goods across defined periods of time. Price databases, such as the collection compiled by Walter Scheidel, of prices from Roman literary sources, help scholars identify and date changes in price levels. Historians typically look to monetary reforms, product shortages, plagues, wars, and even ecological changes when identifying and explaining inflation in the ancient world. 3 The causes behind ancient price movements, whether over the short or long term, are difficult to pinpoint. 2 Surviving prices from Ptolemaic Egypt also indicate periods of punctuated inflation. Perhaps the most well known of these inflationary episodes occurred in the mid- to late 3rd century ce, when prices across a range of commodities suddenly and permanently surged by roughly tenfold. 1 As a consequence, deviations from the norm-selected periods during which prices seem to have risen rapidly and systemically-contrast sharply with the prevailing price stability in the Greco-Roman world and, therefore, attract the attention of scholars. Over the long term and on aggregate, however, inflation was low. In classical antiquity, the prices of various commodities-especially agricultural products-could and did change from season to season or from year to year. Scholars, therefore, often use theoretical models and proxy evidence to better understand the nuances and complexity of inflation in classical antiquity. In many areas and periods, however, inflation is poorly understood because sufficient numbers of prices do not survive. Some regions, such as Egypt, offer hundreds of prices, which facilitate quantitative measurements of inflation. The ancient world witnessed periods of both slow and steady inflation as well as punctuated surges in prices. The magnitude of price rises and the duration during which prices stay elevated also have a bearing on how inflation is studied. Inflation can occur in the prices of individual goods, the goods and services associated with a particular industry or sector of an economy, or as a macro-phenomenon in which all or most prices in an economy rise. In both ancient and modern societies, inflation is sometimes difficult to identify, measure, and explain with precision. Increased stakeholder awareness and engagement to ensure rapid adoption of the developed methods, tools and information, and exploit (business) opportunities for their long-term sustainability and further expansion.Ĭlick to learn more about the individual objectives of each work package.Inflation typically refers to rising prices.An electronic compendium of existing, generic, patient-reported outcome measures (PROMs) and their metadata suitable for health and broader wellbeing assessment in multi-sectoral, multi-national, multi-person economic evaluations.Methods for estimating cross-national utility value sets (pan-European and supra-national) allowing increased comparability and transferability of health outcomes across Europe.New, internationally standardised, harmonised and validated multi-sectoral unit costing templates and a multinational electronic compendium of core resource and service reference unit costs for selected mental health diseases.
Specific objectives of PECUNIA over its 42-month work plan are to develop:
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