The economy of the ancient Middle East and Greece is reinterpreted by Morris Silver in this provocative new synthesis. Silver finds that the ancient economy emerges as a class of economies with its own laws of motion shaped by transaction costs (the resources used up in exchanging ownership rights). The analysis of transaction costs provides insights into many characteristics of the ancient economy, such as the important role of the sacred and symbolic gestures in making contracts, magical technology, the entrepreneurial role of high-born women, the elevation of familial ties and other departu.