Price Edict of Diocletian

The Price Edict of Diocletian, issued in AD 301, was an attempt by the Roman Emperor Diocletian to control inflation and stabilize the economy of the Roman Empire. This decree set maximum prices for various goods and services, aiming to curb rampant price increases and shortages. Violation of the edict resulted in severe penalties. Though well-intentioned, it was largely ineffective, as it did not account for market dynamics; merchants often ignored the fixed prices, leading to black markets and further economic challenges in the empire. Ultimately, it highlighted the difficulties of government intervention in the economy.