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#1
10-13-2017, 01:52 PM
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I don't really have a lot of faith in those calculators. It ignores a lot. For example, if Ruth bought an apartment in NYC in 1930 with his money, that apartment value would far exceed whatever the 2017 dollar calculation is today.
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#2
10-13-2017, 02:46 PM
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Quote:
That is, why pick something that's done disproportionately well relative to the rate of inflation, consumer price index, rise in minimum wage, etc. as the means of undermining the validity of the calculator? I mean, sure he could have bought an apartment in New York, but he could also have bought over a billion dollars in present-day value of vintage baseball cards for the same amount.
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#3
10-13-2017, 03:44 PM
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The calculator is a strict interpretation of past wealth to today's wealth, but like I said it ignores a lot. The purchasing power of $80,000 in 1930 was much higher than it's conversion today. You need only to look at the relative cost of things. In 1930, it cost $400 a year to go to Penn State. In today's dollars that $400 tuition would only amount to $5,863, which would not get you an education at Penn State. In 1930 the average cost of a new home was $7,145. Today that $7,145 equates to just over $100,000, but the average price for a new house is listed as $368,100 by the census.
Last edited by packs; 10-13-2017 at 04:26 PM.
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#4
10-13-2017, 07:18 PM
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The calculators do ignore a lot, because (as has been amply demonstrated here) inflation affects different goods at different rates. So you can't use the calculators to tell you what kind of a house Ruth could have bought. It's more like, if you bought a random assortment of stuff in 1934 how much would you expect the same random assortment of stuff to cost in 2017. Which you can't use for any precise purpose, but gets you a sort-of-rough idea about how far baseball paychecks used to go. And I take it that "a sort-of-rough idea" is good enough for government work, as well as for posts to baseball card websites.
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#6
10-14-2017, 06:50 AM
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Jay- Dunlap in the large Gypsy Queen set?
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