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In 2016, the relative value of £500 0s 0d from 1661 ranges from £63,390.00 to £18,570,000.00.
A simple Purchasing Power Calculator would say the relative value is £64,940.00. This answer is obtained by multiplying £500.00 by the percentage increase in the RPI from 1661 to 2016.
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 £500 0s 0d
Commodity
in 1661 there are four choices. In 2016 the relative:
real price
of that commodity is £64,940.00
labour value
of that commodity is
£1,085,000.00
income value
of that commodity is £1,890,000.00
economic share of that commodity is £18,570,000.00
If you want to compare the value of a £500 0s 0d
Income or Wealth
, in 1661 there are four choices. In 2016 the relative:
real wage or real wealth
value of that income or wealth is £64,940.00
labour earnings of that income or wealth is
£1,085,000.00
relative income
value of that income or wealth is £1,890,000.00
relative output
value of that income or wealth is £18,570,000.00
If you want to compare the value of a £500 0s 0d
Project
in 1661 there are three choices. In 2016 the relative:
real cost
of that project is £63,390.00
labour cost
of that project is £1,085,000.00
economic cost
of that project is £18,570,000.00
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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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