Engineering Economic Analysis

(Chris Devlin) #1
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Inflation and Price Change


Austin Powers Shops at Wal-Mart
Even an internationalman of mystery has to buy toothpaste once in a while. And, of course,
nobody could benefit from good dental hygiene more than Austin Powers.
But prices certainly have changed since he entered sus-
pended animation in the 1960s"In 1967(whenAustin Powers
was at his original shagadelicbest) a first-classpostage stamp
cost 5 cents.
And according to the online inflation calculator of the
Bureau of Labor Statistics (BLS), a dollar bill that Austin
Powers's nemesis, Dr. Evil, folded in the pocket of his Nehru
jacket that year would now be able to purchase only about
18% of what it could buy back then.

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