I recently received the following from Ed Devol, "When I try to educate people about the impact of inflation, I find putting it in terms of time worked for something is a good way of explaining inflation".  Thanks, Ed. I agree, when I am deciding whether to purchase something, I like to think of it in terms of how many hours I have to work to buy it. (It helps keep it "real"). In addition economists often link how many hours the average person has to work to eat. A poor country might require eight hours of work a day just to eat. While a rich country might require only 1 hour a day. So you might like the following article by Lynn Carpenter as she tracks prices and earnings over the last 60 … [Read more...]