inflationary sayings
In 1750 Lord Chesterfield wrote a letter in which he quoted a saying from William Lowndes which was
"Take care of the pence, and the pounds will take care of themselves"
That's quite a long time ago, and the saying is still used to this day - over 250 years later. But we've had quite a bit of inflation since then. Unfortunately the office of ( Read more... )
"Take care of the pence, and the pounds will take care of themselves"
That's quite a long time ago, and the saying is still used to this day - over 250 years later. But we've had quite a bit of inflation since then. Unfortunately the office of ( Read more... )
Comments 5
Between 1750 and 1948 the pound (and therefore also the penny) devalued by a factor of 6.24, so from 1750 until today the devaluation is by a factor of 22.3 .
That means 1d in 1750 is only the equivalent of 10p now. Take care of the tenpences and the twenty pound notes will take care of themselves?
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If the pound devalued by x6.24 between 1750 and 1948, then by x28 between 1948 and 2009, then the overall devaluation would surely be around x175. Using the report you linked inflation between 1750 and 1998 is x118. In fact, the report says "Over the period as a whole, prices have risen by around 118 times. Thus one (decimal) penny in 1750 would have had greater purchasing power than a pound in 1998."
So for me, look after £1 and £100 will look after itself is close enough.
To be more correct I would have thought it would need to be
look after the 81 pennies and the £175's will take care of themselves.
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Take care of joebunny and she will take care of your pounds lol
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