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In 1940, the relative value of £32,740 0s 0d from 1915 ranges from £48,050 0s 0d to £79,200 0s 0d.
A simple Purchasing Power Calculator would say the relative value is £48,050 0s 0d. This answer is obtained by multiplying £32,740 0s 0d by the percentage increase in the RPI from 1915 to 1940.
This may not be the best answer.
The best measure of the relative
value over time depends on if you are interested in comparing the
cost or value of a
Commodity ,
Income or Wealth , or a
Project . For more discussion on how to pick the best measure, consult the Tutorials.
If you want to compare the value of a £32,740 0s 0d
Commodity
in 1915 there are four choices. In 1940 the relative:
real price
of that commodity is £48,050 0s 0d
labour value
of that commodity is
£74,110 0s 0d
income value
of that commodity is £71,070 0s 0d
economic share of that commodity is £79,200 0s 0d
If you want to compare the value of a £32,740 0s 0d
Income or Wealth
, in 1915 there are four choices. In 1940 the relative:
real wage or real wealth
value of that income or wealth is £48,050 0s 0d
labour earnings of that income or wealth is
£74,110 0s 0d
relative income
value of that income or wealth is £71,070 0s 0d
relative output
value of that income or wealth is £79,200 0s 0d
If you want to compare the value of a £32,740 0s 0d
Project
in 1915 there are three choices. In 1940 the relative:
real cost
of that project is £57,700 0s 0d
labour cost
of that project is £74,110 0s 0d
economic cost
of that project is £79,200 0s 0d
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Citation
"Five Ways to Compute the Relative Value of a UK Pound Amount, 1270 to Present," MeasuringWorth,
.
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