Final answer:
Diocletian reformed the tax system with a land tax and census, issued the Edict on Maximum Prices to control inflation, turned independent farmers into serfs to consolidate labor, and reorganized the Roman army to strengthen and control military power.
Step-by-step explanation:
To revive the crumbling economy of the Roman Empire, Diocletian implemented several substantial reforms. Firstly, he reformed the tax system by introducing an agricultural land tax and a poll tax, bringing previously untaxed land under taxation scope and standardizing a five-year census.
Secondly, in 301 CE, he issued the Edict on Maximum Prices to tackle rampant inflation and stabilize the value of currency. Additionally, Diocletian converted many independent farmers into serfs (coloni), a move which increased state control over agriculture and labor.
He also made changes to the military structure to ensure a more efficient defense and to extend his control over the army's power.