Your math is technically correct, but the comparison is misleading. In 1971 the dollar was still officially tied to gold at $35/oz for governments — market forces were constrained and the dollar’s...
The average hourly wage in 1975 was $6.03 * 12 hours = 0.402oz gold.
That's still far less than 0.07 oz gold you get for 12 hours today.
The Cantillon Effect is working as intended. 🧐
That's still far less than 0.07 oz gold you get for 12 hours today.
The Cantillon Effect is working as intended. 🧐
