I don’t know much about the fiscal history of the Roman Empire, except that it seems like they didn’t really understand inflation. But then again - I don’t think that can be true, can it? It seems like such a fundamental and basic concept that it’s hard to imagine a sophisticated society not having a basic grasp of it.
Can you recommend a good source for the fiscal history of the Roman Empire?
I don’t know much about the fiscal history of the Roman Empire, except that it seems like they didn’t really understand inflation. But then again - I don’t think that can be true, can it? It seems like such a fundamental and basic concept that it’s hard to imagine a sophisticated society not having a basic grasp of it.
It’s a funny thing, what concepts and understanding we take for granted. As matter of monetary supply-and-demand, the Romans had a basic understanding of inflation, but didn’t seem to fully comprehend that their currency had taken on a ‘life of its own’ in becoming an unintentional fiat, and connected the decline of the currency’s purchasing power with the reduction of its silver content (to a limited degree true) - something very hard to counteract when the low and high silver content coinage co-existed and were difficult to recall. That Aurelian’s currency reforms included a recall of debased currency, ironically, may have been one of the big contributing factors to why increasing the silver content (albeit to a still-marginal level) actually hurt the currency’s value.
As to why they reduced its silver content, that’s just the classic “Emperors need money NOW, damn the next fiscal year(s)”
Can you recommend a good source for the fiscal history of the Roman Empire?
Unfortunately, that’s one of the things I’ve been meaning to read up on. I just finished The Cambridge Companion to the Roman Economy in December, but that’s more general and currency, specifically, is only in focus for a few of the essays.
I’ll throw my 2c into the end of this thread - Mike Duncan’s The History of Rome podcast (Probably around 90 hours total) does go into reasonable detail on the various attempts at inflationary control, devaluation and attempted revaluation of the coins, some weird barter attempts that were tried and failed etc.
Highly digestible on a commute. I’ve listened to it fully through twice.
I don’t know much about the fiscal history of the Roman Empire, except that it seems like they didn’t really understand inflation. But then again - I don’t think that can be true, can it? It seems like such a fundamental and basic concept that it’s hard to imagine a sophisticated society not having a basic grasp of it.
Can you recommend a good source for the fiscal history of the Roman Empire?
It’s a funny thing, what concepts and understanding we take for granted. As matter of monetary supply-and-demand, the Romans had a basic understanding of inflation, but didn’t seem to fully comprehend that their currency had taken on a ‘life of its own’ in becoming an unintentional fiat, and connected the decline of the currency’s purchasing power with the reduction of its silver content (to a limited degree true) - something very hard to counteract when the low and high silver content coinage co-existed and were difficult to recall. That Aurelian’s currency reforms included a recall of debased currency, ironically, may have been one of the big contributing factors to why increasing the silver content (albeit to a still-marginal level) actually hurt the currency’s value.
As to why they reduced its silver content, that’s just the classic “Emperors need money NOW, damn the next fiscal year(s)”
Unfortunately, that’s one of the things I’ve been meaning to read up on. I just finished The Cambridge Companion to the Roman Economy in December, but that’s more general and currency, specifically, is only in focus for a few of the essays.
I’ll throw my 2c into the end of this thread - Mike Duncan’s The History of Rome podcast (Probably around 90 hours total) does go into reasonable detail on the various attempts at inflationary control, devaluation and attempted revaluation of the coins, some weird barter attempts that were tried and failed etc.
Highly digestible on a commute. I’ve listened to it fully through twice.