Measuring Worth

[kiwisue]

I have a feeling I'm going to be spamming my flist today *g*

This is an interesting site that compares the relative "worth" of money between different time periods, using different scales.

For example,£1,000 from 1977 was worth the following in 2007
£4,477.19 using the retail price index
£7,553.93 using the average earnings
£8,740.36 using the per capita GDP

I don't pretend to understand the methodology behind it all, but it might be a Useful Thing for some people?

Comments

[empty-mirrors.livejournal.com]

Wonderful site, that. Extremely useful for the history lovers amongst us. *g*

[byslantedlight.livejournal.com]

Oh, a definitely Useful Thing - cheers! *g*

[nakeisha.livejournal.com]

Thank you very much for this.

[kiwisue.livejournal.com]

It's extremely interesting, especially the different ways of comparing values of x. Were you the one who calculated what the Lads might have been paid? It's a while ago, and I'm too lazy to look it up *g*, but I think you arrived at something like £6,000, which would be about £45,000 today. And the RPI just means that their basic shopping would cost less, but on the other hand they'd have things today, like mobile phones and PC's, that they wouldn't have had to pay for back then.

[kiwisue.livejournal.com]

It is! And you can go back to 1264! All sorts of possibilities present themselves *g*.

[kiwisue.livejournal.com]

I hope it's helpful :)