Inflation in the days of Nebuchadnezzar until Xerxes
by koot van wyk (DLitt et Phil, ThD)
Kyungpook National University
Sangju Campus
South Korea
conjoint researcher for Avondale College
Australia
Thinking about economical situations in the days of Nebuchadnezzar II and later brings to it the responsibility to be firstly well equipped in economics, and secondly, to have enough data at hand to make conclusions. Neither are present here. At most, conclusions may be very scanty and by closer inspection proven to be out of step.
This researcher will attempt to outline a possible scenario from limited data. The commodity that is selected for a price-index from Nebuchadnezzar II to Xerxes first year, is the price of renting a boat in Babylon.
At article by Grant Frame, "Some neo-Babylonian and Persian documents involving boats," Oriens Antiquus vol. 25 (1986): 29-50, was selected for this purpose and the prices of renting boats appear throughout the article.
The data
There are many factors overlooked here that a skilled professional in economics will have more than enough room to criticize. However, more similar articles by specialists in future will certainly be welcome contributions.
PRICE OF RENTING A BOAT DURING THE EMPIRES
Nebuchadnezzar's 1st year 12 shekels per year for a boat YOS 17 302
Nebuchadnezzar's 23rd year 42 shekels per [year?] for a boat PTS 3401 22-I
Nabonidus 6th year 15 shekels per year for a boat PTS 2691
Nabonidus 11th year 20 shekels per [year?] for a boat BIN 1 100
Nabonidus 11th year 10 shekels per [year?] for a boat GCCI 1 319
Nabonidus 16th year 156 shekels per year for a boat Nbn. 1019
Nabonidus 17th year 36 shekels per year for a boat PTS 2301
Cyrus 3rd year 130 shekels per year for a boat Cyr. 343
Cambyses II 3rd year 150 shekels per year for a boat YOS 17 148
Darius I 24th year 20 shekels per year for a boat CT 4 44a
Darius I 26th year 360 shekels per year for a boat VAS 5 98
Darius I 35th year 26 shekels per year for a boat Gurney, TCB 2
Xerxes 1st year 360 shekels per year for a boat Gurney, TCB 3
There is no evidence that the boat was always the same size. Assuming that they were more or less of the same size, which they were really not, since the texts do say that some were 120 kur and another 7 cubits wide.
If we assume they are more or less of the same size, then one may speculate on the inflation conditions during these days:
1. That inflation seems to be minimum during the days of Nebuchadnezzar. It would account for his building projects and the cost of erecting a statue of himself.
2. Even during the days of Nabonidus the economy was relatively stable.
3. In the pre-final year before the fall of Babylon, it seems as if the inflation shot up. The price of renting a boat went up by 700% it seems.
4. There is still an example of the renting of a boat in the final year for the normal price.
5. In the first year of Cyrus in 539 BCE, the price of renting a boat was at least 600% higher than the normal price under the regime of Nebuchadnezzar and Nabonidus.
6. Inflation persisted under the reign of the successor Cambyses II as well since it was ca. 700%.
7. There is evidence of a normal rate in Darius' 24th year but in his 26th year the rate went up with 1400% (360 shekels).
8. In Darius' 35th year, the price seems to be normal again but in Xerxes' 1st year the inflation is again 1400%.
Comments
a. If the above information is close to the truth it is then significant that when the inflation is very high, the drinking culture flourish and banqueting is at the order of the day (Belshazzar [co-regent with Nabonidus] and Xerxes/Ahasveros).
b. It is also indicative of a regional economic slide that is passed on from one empire to the other.
c. The lifestyle of Belshazzar during the last days of Babylon was irresponsible, careless, and filled with foolish behavior.
Application to our times
The Humpty Dumpty of economy was sitting on the Wall Street. But the Humpty Dumpty of economy had a great fall. All the presidents and all the prime ministers could not put Humpty Dumpty together again. Banqueting and alcohol culture cannot put the Humpty Dumpty together again.
End item