Rome: Money, Mischief and Minted Crises
Written By: Marc Hyden and Lawrence W. Reed | Posted: Saturday, January 30th, 2016
Ancient Rome wasn't built in a day, the old adage goes. It wasn't torn down in a day either, but a good measure of its long decline to oblivion was the government's bad habit of chipping away at the value of its own currency.
In this essay we refer to "inflation," but in its classical sense - an increase in the supply of money in excess of the demand for money. The modern-day subversion of the term to mean rising prices, which are one key effect of inflation but not the inflation itself, only confuses the matter and points away from the real culprit, the powers in charge of the money supply.
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