Question: Historical prices of items in terms of hours of workSubmitted by gatchaman on Tue, 03/17/2009 - 22:06
I've read that the Federal Reserve Note is worth 2 cents today compared the Federal Rerserve Note of 1913. But I'm thinking both prices and wages in fiat currency have increased since 1913, so while I can see that inflation has been eroding savings, I would like to see what has been happening to buying power of wages.
Does anyone have a link to a site that lists the historical prices of things in terms of hours of work at median American wage for stuff like a loaf of bread, a litre of Coca Cola, a gallon of gasoline, a car, a month's rent, an acre of land, a 4-year college education, etc?
For example, suppose today's average gross work income is $40,000 per year or $13.74 per hour. A $2 loaf of bread costs about 0.15 hours of work. How many hours did the loaf of bread cost in 1980, 1960, 1940, 1920, etc?
I can do the calculations myself provided that I can get access to data on historical median wage or salary in fiat dollars (unadjusted for inflation) as well as historical prices (again in unadjusted fiat dollars) for the things that I mentioned:
a loaf of bread
a litre of Coca Cola
a gallon of gasoline
a month's rent
an acre of land
a 4-year college education
Thanks in advance.