I've got to save this to read later but you hit on a really wonderful topic. One thing about comparing ancient incomes, labor was much cheaper, but things that we spend money on today like healthcare and electronics were flat out not available! That's real apples to oranges.
What you wrote is true; comparisons will always be off, but this at least gives a baseline. The site also gives equivalent per capita GNP, but that gets so high in current dollars I'm not sure I trust it.
I agree. In the 19th Century all middle class households had a maid, unaffordable nowadays. You also read of people in the past who did not realise how little they had because everyone around them was the same. They did not have TV or social media to compare themselves, and the few wealthy people they saw were so far beyond their frame of reference.
To add on, one characteristic of today's developed economies is that most people belong to the middle class. In an undeveloped economy, most people are working poor and 2% belong to the rich. The gulf between the ordinary person and these rich people is so gigantic that no one dreams about crossing it.
The maids in the UK were also very poor, though in a good household they could have a good life. But once the factories opened up they preferred the independence and better wages. Though we all know that factory work could be barbaric.
I looked this up once bc i was so tired of being confused. My rule of thumb is that 1000 pounds in 1820 was about 80k dollars, and in 1720 it was twice that. Though with our recent inflation that might be off!
And income tax wasn't implemented yet! The wealth gap was exponential back then. I loved that book. A great reminder to read it again. Oh, and the Wharton house is open again in the Berkshires. @juliasweeney has a wonderful video of her visit there.
First, I love this so much. I was just teaching Randolph Bourne's "The Handicapped" and during the Ugly Laws in the early 1900s, people with physical disabilities were fined (yes!) $1 for being in public. We were trying to figure out what that would be today. We needed your post! (Turns out it's $32.)
Second, that's not what Lily Bart looked like. You've got me wanting to read it again! Twice in one year?
I've got to save this to read later but you hit on a really wonderful topic. One thing about comparing ancient incomes, labor was much cheaper, but things that we spend money on today like healthcare and electronics were flat out not available! That's real apples to oranges.
What you wrote is true; comparisons will always be off, but this at least gives a baseline. The site also gives equivalent per capita GNP, but that gets so high in current dollars I'm not sure I trust it.
I agree. In the 19th Century all middle class households had a maid, unaffordable nowadays. You also read of people in the past who did not realise how little they had because everyone around them was the same. They did not have TV or social media to compare themselves, and the few wealthy people they saw were so far beyond their frame of reference.
To add on, one characteristic of today's developed economies is that most people belong to the middle class. In an undeveloped economy, most people are working poor and 2% belong to the rich. The gulf between the ordinary person and these rich people is so gigantic that no one dreams about crossing it.
In the US in the 19th century many of those maids were dirt poor immigrants, just off the boat. That helped make it affordable.
The maids in the UK were also very poor, though in a good household they could have a good life. But once the factories opened up they preferred the independence and better wages. Though we all know that factory work could be barbaric.
I looked this up once bc i was so tired of being confused. My rule of thumb is that 1000 pounds in 1820 was about 80k dollars, and in 1720 it was twice that. Though with our recent inflation that might be off!
Do you suppose she had the cash in her purse at the party?
And income tax wasn't implemented yet! The wealth gap was exponential back then. I loved that book. A great reminder to read it again. Oh, and the Wharton house is open again in the Berkshires. @juliasweeney has a wonderful video of her visit there.
First, I love this so much. I was just teaching Randolph Bourne's "The Handicapped" and during the Ugly Laws in the early 1900s, people with physical disabilities were fined (yes!) $1 for being in public. We were trying to figure out what that would be today. We needed your post! (Turns out it's $32.)
Second, that's not what Lily Bart looked like. You've got me wanting to read it again! Twice in one year?
Thanks Sarah. All the representations I found have her as light haired.
Fascinating! I always struggle to make a present day comparison so this is a great resource.