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The Problem of Money and Time
Why do you need so much money to be rich nowadays? It’s a question that historians and readers of history have always found difficult to answer.
May/June 1989 | Volume 40, Issue 4
Perhaps because inflation can be measured with some accuracy and an index of apparent precision created, historians have often acted as though inflation were the sole problem involved in translating the value of money over time. Readers are told simply to multiply antique monetary sums by a given factor in order to convert them to a modern economic idiom.