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Post by Mark Huber on Jul 25, 2012 9:56:43 GMT -5
I've been known to say (rightly or wrongly) that the only two major areas where costs have consistently risen at 2, 3 or more times than the general rate of inflation are: 1) Higher education, and 2) Medical care (of course) But then I found this Q&A about F1 costs: answers.yahoo.com/question/index?qid=20070829175729AATR3ncBear in mind this data is supposedly from 2003! How do you think this compares to the costs of acquiring or building F1 cars and fielding a team for a season in say.. 1962? I don't have that data readily at hand, but I recall some numbers quoted in Mark Whitelock's book 1 1/2 Litre Racing 1961-1965, Low Power High Tech that suggest the figures back then were fairly modest (and would be, even when adjusted for inflation). So... The only three areas where the costs have risen at 2 -3 to ? knows how much more than the rate of inflation are: 1) Higher Education 2) Medical Care 3) F1 Racing! Maybe this is why I stick to slot cars...
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Post by Andrew Rowland on Jul 25, 2012 16:11:26 GMT -5
Nice thread Mark
Mine though would currenrly read: a) higher education b) CHILD CARE (here medical care is free) Nappies / Daipers seem to be costing me more than slot cars.... c) F1 Racing d) slot cars (I seem to spend a fairly obscene amount of money on them!)
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Post by nuvolari on Jul 29, 2012 11:00:22 GMT -5
...d) slot cars (I seem to spend a fairly obscene amount of money on them!) Then you should start collecting model trains, if you want to get really obscene 300 to 400 euro for an average model very rich kids we have today
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Post by Peter Seager-Thomas on Jul 29, 2012 11:41:14 GMT -5
A topical contribution.
1960 Rome Olympics - 7.2 Million Dollar cost. 2012 London Olympics - 24 Billion Pounds cost.
Hmmm.
Peter.
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Post by Andrew Rowland on Jul 31, 2012 0:53:37 GMT -5
Interesting comparison Peter. I'd say a MASSIVE waste of money personally although being Italy I wouldn't trust the 1960 figure much as it probably hides about 80% of black money...
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Post by Mark Huber on Jul 31, 2012 12:27:58 GMT -5
Yes, It seems that costs associated with major sporting events, whether it be F1 racing, the Olympics or most professional league sports (I'll stick to North America as a certainty) have certainly escalated at rates well beyond the general rate of inflation. So sports takes it's place alongside higher education, health care (in certain markets) and nappies as things that are really, really expensive now. I could have added Investment Bankers to the list (I'm only a lowly commercial banker).
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Post by EM on Sept 9, 2012 8:14:07 GMT -5
Postage? $0.03 - $0.45 Bottle of Coke from vending machine? $0.05 - $1.00
But I don't think anything can beat college/university costs:
Top tier small private college - all-in (room, board, tuition, fees - everything except books, travel costs and personal expenses)
1953: $1100./A
2012: $52,000./A
EM
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Post by Mark Huber on Sept 9, 2012 9:07:48 GMT -5
EM, Yes. .. per the CPI Inflation Calculator: The $0.03 stamp in 1953 would be $0.26 in 2012, the $0.05 Coke from the vending machine would be $.43, and the $1,100 college costs would be $9,439 instead of $50K (how about $60K?) plus. So, while the USPS is ratcheting up the First Class Postage rates at a % greater than the CPI (and still losing money) and Coca Cola is doing the same thing (and making money), I think the award for escalating still goes to higher education. To return to slot cars (if not necessarily scratch built cars!): A Strombecker home racing set (40 feet of track, two cars, transformer) cost $39.65 in 1966 or $280.37 in 2012 dollars.
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