For the unskilled worker then, the purchase cost in today's money is about $3.22. For a production worker, $4.03. Remember that we are taking today's income or wage scale back to 1931 to look at the price of a loaf of bread. The average earnings of an accountant in 1931 were $2...
A second problem is that the “forgone alternative” is specific to the questioner; it differs for each individual.Thus, we usually use price to measure worth and let everyone“compute” the most valuable alternative that this amount of money would buy for him or her. There are many shortcom...