Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Roman emperor Diocletian commanded that there should be cheapness through the following edict: Unprincipled greed appears wherever our armies, following the command of the

The Roman emperor Diocletian "commanded that there should be cheapness" through the following edict:

"Unprincipled greed appears wherever our armies, following the command of the public weal, march, not only in villages and cities but also upon all highways, with the result that prices of foodstuffs mount not only fourfold and eightfold, but transcend all measure. Our law shall fix a measure and a limit to this greed."

  1. Use economics to explain why did Diocletian's armies experience high prices which necessitated the edict?
  2. Using the logic of supply and demand, discuss and illustrate your prediction of Diocletian's edict meant to address higher prices.
  3. Provide an economic explanation for the continued popularity of these types of policies over centuries.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

9781266566899

Students also viewed these Economics questions