figures must be adjusted downwards to take account of the cost of living, which has risen by a factor of nearly seven in my lifetime.
Niall Ferguson, in his book "The Ascent of Money: A Financial History of the World," discusses the importance of adjusting financial figures to reflect real value. He emphasizes that the significant increase in the cost of living, which has multiplied almost sevenfold during his lifetime, impacts how we perceive financial data.
This perspective highlights the necessity of considering inflation and living costs when evaluating wealth and economic progress, underscoring that figures can be misleading if not contextualized within the realities of everyday expenses.
