Strange one i know, but if someone says i used to earn £25 a week in 1973, what would that convert to todays money? (i'm too young to remember predecimilisation) or maybe even spell it correctly 
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old money, todays worth
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old money, todays worth
1973 would be new money, it came in in 1971
there are several ways to calculate relative worth.
£25.00 from 1973 is worth:
£217.69 using the retail price index
£220.73 using the GDP deflator
£354.16 using average earnings
£430.25 using per capita GDP
£466.62 using share of GDP
imo average earnings and RPI are the best measures in this case, so its roughly £220-350
£25.00 from 1973 is worth:
£217.69 using the retail price index
£220.73 using the GDP deflator
£354.16 using average earnings
£430.25 using per capita GDP
£466.62 using share of GDP
imo average earnings and RPI are the best measures in this case, so its roughly £220-350
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see? told you i was too young to know lol.
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around 30-40 years ago £25 was the same as about £300??
i never get why it doesnt stop, why can't money stay the same value? i no its to do with inflation an all the rest of it but it seems stupid!:bang:
i never get why it doesnt stop, why can't money stay the same value? i no its to do with inflation an all the rest of it but it seems stupid!:bang:
inflation is natural and unavoidable. we aim to keep it at 2-3% because that is manageable, but in reality there are many factors affecting what you can buy with your money so even if we wanted to keep inflation at 0% it would be impossible. prices are set by demand and supply, and both demand and supply are almost out of human control, so price changes are unavoidable. that is the main cause of inflation.
the 2 main reasons for that change are "demand pull" and "cost push".
demand pull is when there is too much money and too few goods, this means demand is growing more quickly than supply. it can happen for many reasons (population increase for example), usually if your economy is growing. its considered a good thing.
cost push is when costs go up for companies. for example the price of steel has recently increased a lot, that means anything made with steel will cost more to make, so the price we pay for it goes up.
if we could control everything then inflation would not exist, but we cant control many if not most things within a national economy, nevermind the global economy, so inflation is natural and expected. all we try to do is keep it at a manageable level.
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thanks jug youre like an encyclopedia you how old am i?
youre like an encyclopedia you how old am i?
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:yeahthat:
The best thing about taking the economics class at school was the girl who sat next to me :yum:
Needless to say, I failed!! (the economics!) :devil:
Think I went to two economics lectures last year! Think the lecturer made it worse but at least I did well in it !!
!!
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The fact that you had to add that means you must have failed with the girl as well
haha
damn you got me.
on one forum during march last year you claimed to have an '04 Honda Civic Type-R, but thats got to be a fib.
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your post is in a "what do you drive thread" and your wording suggests you own the type-R already. tut tut.
http://www.webmasterworld.com/foo/3282072-3-30.htm
[FONT=verdana,arial]ash1711[/FONT]
#:3290943 2:47 pm on Mar. 23, 2007 (utc 0)
What: '04 Honda Civic Type-R
Why: Fastest Car I could afford.
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The fact that you had to add that means you must have failed with the girl as well
Well, actually I didn't but it didn't last long so (submits) in a way I suppose I did!
But when you're 15 who cares? That was back when penny sweets were ha'penny and a thrup'ny bit didn't mean going for a pooh!:spin:
