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This article discusses Cassius Dio’s political thought in his Agrippa-Maecenas debate (52.2–40) through the use of a form of content analysis developed by political scientists called “operational code analysis.” It offers a description of operational code analysis, which demonstrates the value of this method to the debate. It then presents an examination of Dio’s operational code, from which one can glean his philosophical and instrumental views on politics. It argues, inter alia, that the Agrippa address is based on the same epistemological foundations as the Maecenean corollary. Further, the article stresses that the Agrippa oration remains consistent with views Dio expresses elsewhere in his history. This suggests that scholars should not discount the efficacy of the Agrippa oration, despite its utopian character.