[ExI] How Electricity Became a Luxury Good
painlord2k at libero.it
Wed Sep 11 18:53:20 UTC 2013
Il 11/09/2013 20:09, Alfio Puglisi ha scritto:
> On Wed, Sep 11, 2013 at 8:00 PM, Mirco Romanato <painlord2k at libero.it
> <mailto:painlord2k at libero.it>> wrote:
> Not in term of gold.
> But I suppose you are talking about prices set in toilet paper with
> (usually dead) politicians printed on.
> No, it's in terms of the average worker's salary. Or maybe you are paid
> in fixed-weight gold for your work?
These measures are not trivial.
If you measure the change of prices during the time, you suppose the
quantity of the currency is the same, because the quantity of currency
in circulation have a direct effect on the value of the currency unit.
If the quantity of currency and credit change, you must have a way to
compensate for this or you comparisons are bogus.
Gold is useful because it is never consumed, just exchange, and its
total supply increase very slowly (1%/year or so). So, it is a pretty
stable unit of measure (even if it is a very manipulated market).
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