‘Whispers from Antiquity’: Unearthing ancient Anatolia’s economic reforms, price ceiling
Economic crisis, inflation, price hikes and all related problems, which are often discussed globally today, have gone down in history as difficult concepts that rulers have faced and struggled with since the beginning of trade.
Archaeological evidence proves that especially in the periods when these economic difficulties were recorded, rulers tried to solve the problem with solution proposals and reforms while investigating the causes of the crisis.
In Anatolia, which has been home to many cultures and civilizations, many reforms carried out by the rulers of the past are seen in the findings uncovered as a result of archaeological studies.
The economic data of the period and the measures taken against the problems found in the Latin and Greek inscriptions on the walls of the parliament building unearthed during excavations in the Ancient City of Stratonikeia (Mugla) in Turkiye, the inscription on the wall of the world’s first stock exchange building in the Ancient City of Aizanoi (Kutahya) and the inscription unearthed in the Ancient City of Aphrodisias (Aydin) are quite remarkable.
The most important of these measures was the “Edictum de Pretiis Rerum Venalium” (Edict on Ceiling Prices), a package of measures issued by Emperor Diocletian and his associates in the fall of 301 A.D. to prevent a third round of tariffs on wages due to inflation, which the introduction explains was caused by the greed of the merchants.
Diocletian’s purpose in promulgating the edict was to allow the state itself to dominate the economy and be the decisive force in wage adjustments. The edict was a regulation of price ceilings for more than 1,200 goods and services.
It stipulated that where wages were low, no action could be taken to raise them, nor could merchants buy goods in areas where wages were low, nor could they transport them elsewhere and sell them for more than the wages specified in the edict, and the penalty for violating the edict was death.
The names and fixed prices of all the products sold here were written in Latin on the walls of the assembly building of the Ancient City of Stratonikeia together with this edict.
In addition, the amount of money a marble master would receive for his work was determined and engraved on the walls of the council building. This provides a deep insight into the economic structure of that time.
The world’s first stock exchange is located in Cavdarhisar, Kutahya. In the stone blocks of Aizanoi, which was used as a food market (Macellum) in the late second century A.D., there is also a copy of the price determinations made by Roman Emperor Dioeletianus in 301 A.D. to combat inflation.
As such, Aizanoi is one of the first stock exchange buildings in the world. The inscription found in the ancient city of Aizanoi in Kütahya states that in the same years, the greed and excessive ambition of the people led to a lack of economic peace in the state and therefore the rulers took measures to stabilize prices.
One of the best-preserved copies of Diocletian’s edict known today is the one inscribed in Latin on the facade of the Civil Basilica of Aphrodisias.
The entrance wall of the Civil Basilica is an imposing façade with recessed columns, covered with large marble panels.
The Edict of Diocletian (together with the Edict on Currency of the same year) is on these panels.
According to the inscription found in the Ancient City of Aphrodisias in Aydin, the official value of silver coins increased by 500% between 293 and 301 A.D., which means that the general wage level in 301 A.D. was five times higher than in 293 A.D.
The edict on ceiling prices was eventually repealed soon afterward due to opposition from the business community and the difficulty of implementation.
Here are some of the prices of goods and services in the Edict of Ceiling Prices promulgated in 301 A.D.
- Each teacher 50 denarii per male student
- Rhetoric and Elocution teacher 250 denarii per student
- Marble worker (including food) 60 denarii per day
- Mosaic worker (including food) 60 denarii per day
- Palace guard (Praetorian) 5500 denarii per year
- Sculptor (including food) 70 denarii per day
- Domestic worker 50 denarii per day
- Private bath attendant 2 denarii per person coming to the hammam
- Beef (approx. 453 grams) 8 denarii
- Goat or mutton (about 453 grams) 8 denarii
- Vulva (sow’s breast – approx. 453 grams) 24 denarii
- Chicken (1 pair) 60 denarii
- Fish (best quality or caught from deep water – approx. 453 grams) 24 denarii
- Kenger, artichokes, etc. (good quality) 5 pieces 10 denarii
- Spelt (cleaned – approx. 8.5 kilograms) 100 denarii
- Honey (best quality – approx. 500 ml) 40 denarii
- Dry cheese (approx. 453 grams) 12 denarii
- Watermelon 4 pieces 4 denarii
- (Caracallis) Mantle with heel-length hood 1 pc 20 denarii
- Leather from Babylon (first quality) 500 denarii
- Transportation from Alexandria to Rome (per load of about 8.5 kilograms) 16 denarii
- Transportation from Alexandria to Ephesos (per load of about 8.5 kilograms) 8 denarii
- Transportation from Nicomedia to Ephesus (per load of about 8.5 kilograms) 6 denarii
