According to the website www.measuringworth.com, "Determining the relative value of an amount of money in one year compared to another is more complicated than it seems at first." In fact, there is no single "correct" measure, and economic historians use one or more different indicators depending on the context of the question.
Click here for a calculator that will provide six indicators for making such comparisons in US dollars between any two years from 1790 to 2005. They are the CPI, the GDP Deflator, the Consumer Bundle, the unskilled wage rate, the GDP per capita, and the GDP.
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