The value of a dollar was greater 58 years agao than it is today, so if we compare prices without adjusting for inflation then we're comparing apples-to-oranges. Click here to stream/download my new album 'Hey World': https://leebr.
Inflation causes prices and wages to rise over time which can make it quite difficult to compare the value of items from different eras. Check out the official video for Lee Brice's record breaking single 'Love Like Crazy'. However, in macroeconomics it is important to distinguish between nominal and real values. You may also probably think it's crazy that someone only made $67 a week when many people earn over $10/hr with part time jobs. Thesis: The song is about an old man reliving his life by giving advise to a younger generation. (G) (Gmaj7) (G6) (Gmaj7) (G) They called (Gmaj7)them crazy when they (G6)started out (Gmaj7). The breadwinner of the family brought home 67 bucks a week ($268/month), to which Lee Brice responds "that's crazy". Lee Brice - Love Like Crazy, chords, lyrics, video. Economic Concepts: Nominal Real Inflation Escalator clauseĭetails: A couple has been together 58 years and started with a little 2-bedroom house.
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