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Tooth Fairy Money
(310)
By Michelle Weisblat-Dane
What is money really worth? Why is it that things keep getting more expensive? These are questions that even an Economist has trouble understanding. An Economist studies money, what money is worth, and what it will be worth.
When my grandmother was a small child almost 100 years ago, she received a nickel from the tooth fairy. This was enough money to buy a morning movie ticket and popcorn. When my father was little, almost 75 years ago, he received a dime twice as much as his mother. This, too, was enough money to go to a morning movie and buy popcorn. This means that 25 years later it cost twice as much to purchase the same things. When I was a small child almost 35 years ago or 65 years after my grandmother, I received $1.00 from the tooth fairy. This was 10 times what my father got and it paid for a morning movie and popcorn.
Following this formula my children will get $5.00. This is five times what I got or 200 times what my grandmother got a hundred years ago. When my grandchildren get money from the tooth fairy it will need to be $10.00. This is called inflation. If my children only receive $2.00 from the tooth fairy, than the tooth fairy won’t be keeping up with inflation.
Today, many people do not make the same amount of money they once did, for the same amount of work. The money they do get, buys less than it used to. This means, we have to work harder and longer in order to be able to have the same things that our parents had. Parents have to work twice as long to be able to buy a toy car or doll, than they used to. When you get older hopefully this won’t be the case.