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Better Measurements of Worth

Author

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  • Lawrence Officer
  • Samuel Williamson

Abstract

How can we determine the worth of something, especially its historical worth? The price, even deflated for inflation, is not enough. Was Carnegie richer than Gates? Did Babe Ruth make more than Barry Bonds? Was the cost of a loaf of bread more then than now? The authors summarize a fascinating set of measures that attempt to make just such estimates. It depends on the context, they make clear. And they provide calculators on their Web site to enable users to make their own comparisons.

Suggested Citation

  • Lawrence Officer & Samuel Williamson, 2006. "Better Measurements of Worth," Challenge, Taylor & Francis Journals, vol. 49(4), pages 86-110.
    • Handle: RePEc:mes:challe:v:49:y:2006:i:4:p:86-110
    DOI: 10.2753/CHA0577-5132490407
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    Cited by:

    1. Gerald Hubmann & Clemens Jobst & Michaela Maier, 2020. "A new long-run consumer price index for Austria (1800–2018)," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/20, pages 61-88.
    2. Masters, William A. & Delbecq, Benoit, 2008. "Accelerating innovation with prize rewards: History and typology of technology prizes and a new contest design for innovation in African agriculture," IFPRI discussion papers 835, International Food Policy Research Institute (IFPRI).

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