History of the Roman Empire disputes about the supreme authority, this finally formalised a peaceful succession of the emperor: in each half a "Caesar" would rise up to replace the "Augustus" and select a new "Caesar". On May 1, 305, Diocletian and Maximian abdicated in favour of their "Caesars". Galerius named the two new "Caesars": his nephew Maximinus for himself, and Flavius Valerius Severus for Constantius. The arrangement worked well under Diocletian and Maximian and shortly thereafter. The internal tensions within the Roman government were less acute than they had been. In "The Decline and Fall of the Roman Empire", Edward Gibbon notes that this
Historiography of the fall of the Western Roman Empire such as the consulship. The formal end of the Roman Empire on the West in AD 476 thus corresponds with the time in which the Empire and the title Emperor no longer had value. Historian Michael Rostovtzeff and economist Ludwig von Mises both argued that unsound economic policies played a key role in the impoverishment and decay of the Roman Empire. According to them, by the 2nd century AD, the Roman Empire had developed a complex market economy in which trade was relatively free. Tariffs were low and laws controlling the prices of foodstuffs and other commodities had little impact