This article was first published in the West Douglas County Record on April 14, 2011:
When I was a sixth grader, in the Autumn of 1976, my teacher gave us an interesting assignment: she handed us a long, detailed list of typical grocery items, and asked us to go to the store and write down what their prices were. It was a simple yet profound lesson in economics. For awhile I decided that we should buy Corn Flakes since it was the least expensive cereal! Of course, after awhile I branched out again to other cereals. But of all the assignments I ever did in school, it was one of the most memorable, and I wish I still had that 1976 grocery price list that I made! It would be utterly fascinating to see what all those items cost over 34 years ago, a true time capsule.
Not long ago I was trying to research inflation on the Internet. To be specific, I remembered that when my Dad and I built my large telescope in 1979 it cost a total of $300, and I wondered how much that would be in today’s dollars. Perhaps about six or seven hundred, I speculated. Soon I found the answer: the website of the Federal Reserve Bank of Minneapolis had what I needed, a calculator to translate one year’s dollars into another’s, and I was surprised to find out that those $300 in 1979 equal over $900 in 2011 dollars! That made me appreciate even more the investment that my parents made for their teenage son, both in spending that money and in the many evenings of work that Dad spent building my telescope. At that time my homebuilt telescope was a good deal, but it wouldn’t be that way today, as one can now order a sizable no-frills telescope equal to my own for about $325 in 2011 dollars, and it would weigh less than half as much as well! Wouldn’t it be great if groceries, or gasoline, had also plunged in real price during the last 34 years the way that telescopes have?
(Note: After publishing this article it’s coming back to me that the cost of my telescope was $150-200 rather than $300, but that still would be at least $450-600 today.)
One thing I’ve learned in life is that there’s often little, if any, relationship between
something’s price in the marketplace and its true, intrinsic value. That’s especially true spiritually. “For what does it profit a man to gain the whole world, and forfeit his soul?” (Mark 8:36 NASB) Lent and Easter are a great time to remember
what is truly worth the most, and especially to remember that Jesus considered us sinners so valuable that He spent everything, including His life, in order to buy us back. “You were bought with a price.” (I Corinthians 7:23 NASB)
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