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Gold/Mining/Energy : Barrick Gold (ABX)
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To: russet who wrote (2395)4/13/2002 5:59:22 AM
From: nickel61  Read Replies (2) of 3558
 
Your $100 buggy and horse is probably not accurate. A hundred years ago we were coming off a very nasty depression in the US and the value of a laborers work for one day was $1.00 US, a steep fall from thirty years earlier by the way and a shovel was $12. I have read some diaries where the laborer who broke a shovel was not well treated and for the obvious reason the above numbers suggest. Mass production was about to revolutionize these numbers in many interesting ways, and the expansion that began in 1894 and ran up to the end of the first World War was about to improve labor rates significantly. I would guess that the comparison you are trying to make would be heavily effected by the shift that takes place over history in the relative "value" of manufactured items as they are mass produced and the relative scarcity of labor over time.

YOUR $100 buggy to a $24,000 car is 5.63% compounded per year increase by the way..at $50 buggy it is 6.37% a large but not unimaginable difference. So your making comparisons over that long a time is tough to draw many conclusions from. The only thing we know for sure is that the relative values change and the thing we are measuring them in this concept called a US dollar is worth a lot lot less then it was back then. Almost all of the loss of value of the US dollar by the way has occurred in the last thirty two years since we went off of the gold convertiblitity standard..Interesting fact..
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