[sotd] Measuring Worth [June 3, 2008]
- From: "Site of the Day" <sotd.amholm@xxxxxxxxx>
- To: sotd@xxxxxxxxxxxxx
- Date: Tue, 03 Jun 2008 11:12:25 -0300
Site of the Day for Tuesday, June 3, 2008
Measuring Worth
Today's site, from the "Institute for the Measurement of Worth", offers a
number of calculators to arrive at the most accurate figures in ascertaining
the monetary value of a range of objects, including those of an historical
nature. Gentle Subscribers may find this an excellent resource for determining
realistic figures as they seek to put the current cost of a loaf of bread or a
galleon of gas in historical perspective.
"Intrinsic things are priceless. The love of your life or a beautiful sunset.
There is no objective way to measure these, nor should there be. ... The worth
of monetary transactions is also difficult to measure. While there is a price,
wage, or other kind of transaction that can be recorded at a precise price, the
worth of the amount must be interpreted. ... The price of a hamburger is
probably worth more to a starving homeless person than to a very wealthy one.
An allowance of five pennies a week was worth more to a child in 1902 than it
is to a child today. ... It can be more difficult when the question is to
determine the "historical" worth of something. ... Was Andrew Carnegie richer
than Bill Gates? ... Was the cost ... of bread more then than now?" - from the
website
The site presents information on how to determine the value of measurable
items, using an extensive range of calculators, along with a guide to choosing
the most pertinent methodology to find the worth of the object under
consideration. This includes, for the non-economist, cogent explanations of
phrases such as 'present worth of past amount', 'comparing the growth rates of
economic variables over different periods and different lengths of time', and
'the year-to-year inflation rate in the United States (1775 on) and the United
Kingdom (1265 on)'. Annualized growth rates, relative values for the UK and
U.S. currencies, purchasing power, inflation rates, savings growth, and stock
growth rates for a number of the major U.S. market indices are among the
calculators provided.
Swan over to the site for a useful reference in determining the value of
measurable things at:
http://www.measuringworth.com/
A.M. Holm
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