Any item will do that has little quality change. That’s a matter of taste, however. So, instead why not use labor wage rates? This morning I found a Bureau of Labor Statistics survey that gives the wage of a carpenter in 1914 as 50 cents an hour. This is prior to the Fed’s inflation of World War I, so it is a good starting point. Gold was $21 (rounding from $20.67.) Thus carpenters had to work 42 hours to buy 1 ounce of gold. I also found this morning the current wage of a carpenter. Experienced carpenters get $18-$22 an … Continue reading A comment on my t-bone article