Romans were not great economists
The history of Rome is a slow transition from a limited government to tyranny. But military centralisation worked better than economic one:
- During Cesar's time wheat prices were fixed and wheat was offered to people in Rome for free. 1/3 of Roman citizens were supported by the government.
- All emperors (with few exception) debased the currency, paying for public works with inflation
- Diocletian was the worst as he tried to fix the prices of all goods. It led to famine & suffering.
Rome's economy was constantly fighting inflation, but their tools (issuing currency & fixing prices) led them to ruin.
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“Rome perished because it did not adjust its moral code & its legal system to the requirements of the market economy.
The policy of interventionism and its political corollary, the Fuhrer principle, decomposed the mighty empire.”
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