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What is the comparable value today?
Posted: Wed Dec 14, 2005 2:50 pm
by RayS
The 1906 San Francisco earthquake and fire cause $500 million in damages.
The Consumer Price Index says that is $10 billion today.
The Gross Domestic Product calculates this damage as $8 billion.
The CPI is a politically concocted value; note how this was modified to keep the yearly increase of Social Security etc down.
Using the price of unskilled labor would measure $45 billion in damage.
Rating by GDP per capita would be $57 billion, measuring by the total value of GDP gives $195 billion. You can pick the estimate that you need for whatever you want to proof. I would pick the latter estimates.
"A Crack in the Edge of the World" by Simon Winchester page 288.
Posted: Wed Dec 14, 2005 4:55 pm
by Nancy
WOW is Rays back? welcome, missed your
knowledge of offbeat trivia, happy holidays
Posted: Wed Dec 14, 2005 7:55 pm
by theebmonique
I got this from Harry sometime back. I believe it was posted somewhere here...
http://www.westegg.com/inflation/
Tracy
Posted: Thu Dec 29, 2005 12:24 pm
by RayS
The fact is still 'what is the correct metric to be used to calculate comparable values'. The CPI has only been around since the 1950s (to my knowledge). How reliable is extending back for a century or two?
The very fact that you can't use commas or separators make this a 'half-fast' job, one that I really can't trust. Do you? Why?
WHAT is the justification for using this concocted Consumer Price Index as opposed to the other measures?
Posted: Thu Dec 29, 2005 3:41 pm
by theebmonique
RayS @ Thu Dec 29, 2005 10:24 am wrote:The fact is still 'what is the correct metric to be used to calculate comparable values'. The CPI has only been around since the 1950s (to my knowledge). How reliable is extending back for a century or two?
The very fact that you can't use commas or separators make this a 'half-fast' job, one that I really can't trust. Do you? Why?
WHAT is the justification for using this concocted Consumer Price Index as opposed to the other measures?
Pardon me RayS, are you commenting on
my punctuation ? If so, WHY ?
The link I provided is the only one I know of at this time. If you have more reliable methods, other than the Winchester book you mentioned, please share.
Tracy...
Posted: Thu Dec 29, 2005 5:49 pm
by RayS
My comments are about that web page. It ways you cannot enter punctuation for the numbers. That's not a good job!
Posted: Thu Dec 29, 2005 6:19 pm
by theebmonique
Thank you for the clarification.
How does not being able to use commas/separators affect the accuracy ?
Do you have any other methods to offer which are a more accurate way of measuring the types of calculations mentioned above ?
Tracy...