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In A Letter on Our Agricultural Distress, Their Causes and Remedies, 
William Playfair (1822) has some exquisite color graphs illustrating the 
difference between the real and nominal price of wheat from the 16th to 
the 19th century.  In one, the price of wheat in shillings stands in 
contrast with the value of wheat in terms of days wages of a good 
mechanic (this graph is reproduced in black and white in my history of 
economic graphs in Measurement, Quanitfication and Economic Analysis, 
ed. Ingrid Rima).  Playfair also discusses at length the distinction, as 
do several others who wrote during the British inflation and deflation 
of the first 2 decades of the nineteenth century. 
 
Judy Klein, [log in to unmask] 
 
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