|GR: income and inflation
Written by Zoe
(10/24/2003 11:04 a.m.)
in consequence of the missive, GR: Different case, penned by Barbara
Thanks for the confirmation on P&P. Yes, it is indeed different when an entail is involved, but I just brought it up as another example for Line of an income that is leaps and bounds above those mentioned by Vickery -- another confirmation of inflation, I suppose (based on JulieW's helpful info).
It seems as though inflation would have been a very big problem back then based on how people got money (or rather, how I understand it). Is this how it might work: I'm the heiress of 30,000 pounds. This 30,000 is divided up, and I get a set amount each year to live off of, say 2,000 (totally making this up). But if inflation is high, doesn't this mean that the 2,000 pounds I was getting per year is really decreasing in value each year? My money doesn't go as far, so I'm getting poorer and poorer, essentially. It seems to me as though incomes were rather fixed back then, which would really cause problems when high inflation was involved.
Is this right at all, or am I totally off base?
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