Ability Quote by Walter E. Williams
“In 302, the Roman emperor Diocletian commanded "there should be cheapness," declaring, "Unprincipled greed appears wherever our armies ... march. ... Our law shall fix a measure and a limit to this greed." The predictable result of Diocletian's food price controls were black markets, hunger and food confiscation by his soldiers. Despite the disastrous history of price controls, politicians never manage to resist tampering with prices -- that's not a flattering observation of their learning abilities.”
About This Quote
Source Book: The State Against Blacks, Walter E. Williams, 1994
Diocletian’s price controls led to black markets and suffering; modern politicians still intervene in prices despite historical failures.
In simple terms: Price controls cause unintended harm; politicians repeat mistakes.
Key Takeaway
Question the efficacy of price interventions.
Themes
economics
policy
history
government
market dynamics
Mood
critical
cautionary
Type
economic
historical
When to use this quote
- budget planning
- legislative hearings
- public debates
- economic forecasting
Key Concepts
price controls
inflation
market regulation
political incentives
Questions to Reflect On
- What alternatives to price controls exist?
- How can policymakers learn from past failures?
A Different Perspective
Market forces may self-correct without heavy-handed rules.
![“The much-maligned price system works not only to secure supply but to conserve. [...] Profits and prices are the street signs of the economy. Only fools flout them.” quote by Ilana Mercer](https://sms4smile.com/quotes/img-quotes/2ac/ilana-mercer-6995_economics_the-much-maligned-price-system-works-not_2679948.jpg)
