The Emperor and the Economist: How Marcus Aurelius Influenced Adam Smith

Adam Smith’s appreciation for the Stoic emperor’s writings is evident in his own work.

Marcus Aurelius Antoninus Augustus was the last of the five good emperors of Rome. He was born in 121 AD, reluctantly became emperor in 161 AD, and reigned for 19 years until his death in 180 AD. His reign was punctuated by numerous wars during which he repelled Rome’s enemies in long campaigns. When not at the frontiers of the empire, he spent his time administering the law, focusing his attention particularly on the guardianship of orphans, the manumission of slaves, and choosing city councillors.

Lord Acton memorably stated, “Power corrupts, absolute power corrupts, absolutely.” Lord Acton’s aphorism is for the most part true, but there was one exception to it in history: Marcus Aurelius. He famously had a keen interest in philosophy. Perpetually practicing self-control and moderation in all aspects of his life, he was the closest any person ever came to embodying Plato’s ideal of the “philosopher king.”

While on the frontlines of his campaign against the German tribes, Marcus Aurelius wrote his own personal diary. This was originally titled Ta Eis Heauton, meaning To Himself in Greek. Subsequent translations of the text changed the title numerous times; we now know it as…