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November 25, 2009
On the price of Thanksgiving c. 1909
The Nov. 25, 1909 NYT reports on the cost of a generic Thanksgiving day dinner and points out that the price of said meal had increased from a price of $1.95 in 1899 to the price of $4.25 in 1909 ($103 in 2008 dollars), an annualized rate of inflation of 7.8%. {sarcasm} This was clearly an unsustainable rate of inflation in the Thanksgiving Dinner sector because annualized overall inflation during this decade was 0.93% (according to the good folks at eh.net). One wonders why there was no legislative emergency declared that required a 2,000+ page bill from Congress to remedy - oh wait, I know why. {\sarcasm} I digress, on to the Thanksgiving dinner of 1909:
I went to my local Harris-Teeter's online shopping site and put together the following cart: 3 14 oz cans of Ocean Spray Cranberry Sauce - Full Berry The bill was $54.68 before tax. Granted, I didn't add the plum pudding or the mincemeat (ugh) for three pies, but surely those wouldn't cost $50? Posted by Craig Depken at 12:50 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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