Therefore over long time spans, changes in prices give only the very roughest and most approximate idea of changes in the value of money.įor a narrative account of monetary history since the dawn of civilisation onwards see A History of Money from Ancient Times to the Present Day, the book by Glyn Davies and the website that is based on it. people's height, are a far better measure of a nation's standard of living than such conventional indicators as gross national product or per capita income. A typical diet in most advanced countries will be rather different today from what it would have been before the refrigerator became a common household item.įurthermore it has been argued that anthropometric measures of well-being, e.g. Indices of inflation fail to take proper account of improvements in quality.Įven in the essentials of life there are significant changes over the years. A typical computer today is a very different machine from its counterpart of 5 years ago. ![]() ![]() A frequent question is "how much would a specified amount of money at a certain period of time be worth today?" The sources listed below are useful in attempting to answer this question.Ĭomparisons of purchasing power are only reliable over short periods.
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