Works in Progress Podcast Inflation in Rome, Weimar Germany and Soviet Russia with Mark Koyama
16 snips
Feb 11, 2026 Mark Koyama, economic historian and George Mason professor, explores historical inflation crises. He traces Rome’s coin debasement, Diocletian’s price edicts, Weimar hyperinflation’s social fallout, Soviet price liberalization and policy tradeoffs. Short, vivid stories show how money shocks reshape politics, institutions and public trust.
AI Snips
Chapters
Books
Transcript
Episode notes
Inflation Shapes Swing Voter Behavior
- Inflation hits almost everyone, so it shapes the views of politically disengaged swing voters.
- Economists underrate political salience of inflation because it distorts relative prices and expectations.
Money Anchors Market Institutions
- Roman monetary stability underpinned market activity and financial intermediation during the Pax Romana.
- Fiscal stress and debasement later destroyed expectations and eroded commercial institutions.
Diocletian's Price Edict And Aftermath
- Diocletian issued a price edict to curb runaway inflation and punished violators severely.
- Constantine later stabilized the system with a new gold coin but small-change monetization never fully recovered.
