On pricing
Why the price will keep changing — even if nothing else does.
Prices rise under a currency designed to lose value, and this session isn't exempt. Here's the mechanism, in the same terms the series covers.
In 1971, the U.S. severed the last tie between the dollar and a fixed, scarce commodity: gold. Every dollar since has been created by decree rather than backed by anything scarce, and the supply has expanded accordingly — the Cantillon Effect and A History of Money essays go into why.
Below is what that looks like as one concrete number: the U.S. federal minimum wage, priced in gold, then and now.
1971Today (gold ≈ $4,420/oz)
Gold per hour worked0.0457 oz0.0457 oz
Minimum wage, per hour$1.60$202.06
40-hour weekly wage$64$8,082.29
Annual wage (52 weeks)$3,328$420,278.86
Every fiat currency in the world today shares the same design flaw as the U.S. dollar.
A number that felt right last year may not cover the same real value this year — not because the work changed, but because the currency it's priced in keeps getting worth less.
This will always be the honest answer to “why did the price go up.”
Figures use the U.S. federal minimum wage ($1.60/hr, set 1968–1974) and gold's official 1971 rate of $35/oz, against a recent spot price of roughly $4,420/oz (September 2026). Gold fluctuates daily — this is an illustration of the mechanism, not a live or precise figure.