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July 21, 2006
New York real estate c. 1906
From the July 21, 1906 NYT: New Fifth Avenue Houses. $85,000 in 1906 is about $1.8 million in 2005 CPI adjusted dollars. I don't know much about New York City, but the current address of 1014/5 Fifth Avenue is right near the Metropolitan Museum of Art. I googled the address and found the Goethe-Institut, a German Cultural outreach effort.
Posted by Craig Depken at 01:04 PM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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