Overtown Miscellany jss.org.uk
overtown.org.uk
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RELATIVE VALUES
OF THE SALE OF WALTON HALL & THE COST OF CONSTRUCTING THE WALL


Walton Hall Sale - £114,000 in 1877.

Relative Value of sale of Walton Hall MeasuringWorth.com

Walton Park Wall Construction - £9,000 in 1821.
MeasuringWorth.com

 

Retail Price Index
This is an index used in the United Kingdom that measures the cost in a given period of the goods and services purchased by a typical consumer in a base period. A narrow measure of inflation, because confined to consumer goods and services. The series used in MeasuringWorth incorporates the official retail-price-index series only from 1948 onward. For earlier years — from 1947 all the way back to 1264 — the series of various economic historians are utilized. The component series are linked so that a consistent retail-price-index series is obtained continuously from 1264 to the present.

GDP Deflator
The GDP deflator is an index number that represents the "average price" of all the goods and services produced in the economy. It a weighted number that is based on what is paid for the entirety of GDP, that is, for everything from a gallon of milk to a new Army helicopter. Changes in the deflator are a broad measure of inflation.

The GDP deflator is calculated by dividing Nominal GDP by Real GDP

Nominal GDP
GDP expressed in current market prices, which is GDP not corrected for inflation. This may also be called "money GDP", "current-price GDP" or "GDP at current prices". Nominal GDP over time incorporates both real-output change and price change (inflation).

Real GDP
The output of the current GDP valued in the prices of a base year. Sometimes referred to as GDP corrected for inflation. It may also be called "deflated GDP", "constant-price GDP" or "GDP at constant prices". The base year changes from time to time.

GDP per capita
GDP divided by Population. This is the "average" per-person output of the economy. GDP per-capita is greater than per-capita personal income, because GDP includes consumption of fixed capital and undistributed corporate profits -- flows that are not part of national personal income. See Nominal GDP per capita and Real GDP per capita (below).

Nominal GDP per capita
Nominal GDP divided by Population. This is the "average" per-person output of the economy in the prices of the current year. See GDP per capita.

Real GDP per capita
Real GDP divided by Population. This is the "average" output of the economy per person measured in a base year prices. This ratio is often used as a measure of standard of living in comparisons over time of one country, or between different countries when measured in the same currency. The measure is expressed in currency units per person (for example, U.S. dollars per person, or British pounds per person). See GDP per capita (above).

Population
Generally means resident population. Sometimes restricted to civilian population. Sometimes extended to include armed forces overseas. Expressed in number (usually thousands or millions) of persons.

Share of GDP
Share of GDP, measures the consumption or production of a subject (commodity or project) against the output of the economy, that is, the given monetary amount is computed as a percent of GDP. This measure indicates opportunity cost in terms of the total output of the economy. The viewpoint is the importance of the item to society as a whole, and the measure is the most aggregate of all the measures.

One would rarely use this measure for a commodity. The exception would be if the amount (of the commodity) was a significant share of GDP, such as potatoes in Ireland in the mid-19th century.

All information extracted from MeasuringWorth.com.

MeasuringWorth is a service for calculating relative worth over time.