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