alt Hacker NewsEveryone points to Ea-nasir, but that's a meme. Meanwhile, Diocletian outlawed price gouging and standardized prices across a variety of goods:
https://en.wikipedia.org/wiki/Edict_on_Maximum_Prices
From Polanyi, Finley, and Weber to Austin and Malkin, we've come a long way in recognizing the sophistication of ancient economic thought.
Replies
dosisking • today at 6:33 AM
I guess Diocletian was the first Communist, before there was such a thing as Communism.
The price fixing was a failure, as would be expected. I am not sure if 'sophistication' is the right word to describe it.
WalterBright • today at 6:21 AM
> we've come a long way
See "Forty Centuries of Wage and Price Controls" which shows that humans are very slow learners.
https://www.amazon.com/Forty-Centuries-Wage-Price-Controls/d...
We are about ~300 years closer to Diocletian than Diocletian was to Ea-nasir. Too bad he didn't have access to Adam Smith, who could have told him that price fixing wouldn't work and might have pointed to Roman currency debasement as one of the major causes of inflation. Of course greed is always a factor I suppose.