Regarding John's previous post. First, my calculation was based on per capita GDP. As I noted in the post, there are many problems with this - however - I opted for this approach because of the problems in accurately calculating inflation over that long of a period. That said, I am skeptical of both John's 2 and 8 cents. It's nice to have John back with us and I welcome a continued discussion on this subject.
UPDATE: Here's six ways to calculate the value of the dollar. (Note - I didn't use the GDP deflator option as it only goes back to 1900, and I didn't use a Consumer Price Index as (1) it wasn't started until 1913 and anything prior to that is a reconstructed guess and (2) CPI data is generally considered of lower quality the further into the past you get.
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For the sake of argument, your figures can vary widely (though I would argue that a retrofit of the CPI would be the best fit):
In current dollar terms, $0.08 from 1805 is worth:
$1.38 using the Consumer Price Index
$1.28 using the GDP deflator
using the value of consumer bundle (though, note that the consumer bundle metric only started in 1900)
$20.28 using the unskilled wage
$37.62 using the nominal GDP per capita
$1,779.40 using the relative share of GDP
But why would a retrofit of the CPI work best?
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