Diocletian Tried to Fix Prices by Royal Decree. It Went About As Well As You'd Expect.
In 301 AD, a Roman emperor decided the solution to runaway inflation was to simply make high prices illegal. The edict failed within years, for reasons any behavioral economist today could have told him in advance. Turns out, the psychology of a debased currency hasn't changed much in seventeen centuries.
Mar 13, 2026