What resource can accurately tell me the value of today's dollar verses that of the dollar of the 70's?

Question

I want to do a paper for my macroeconomics class comparing the price of gas in the late 70's to the price in today's market.

Answer 1

You want a broad measure of inflation. The broadest is to get the GDP in money terms and in real terms and divide the one by the other in 1970 and now to see how much prices have risen over the period (and in intermediate years if you want). Data from IFS published by the IMF or from the OECD historical statistics should be accessible to you.

http://www.oecd.org/document/62/
0,2340,en_2649_33715_2380147_1_1_1_1,00.html

Then of course you also need time series data for the price of gas.

Answer 2

Simple cost of living can be calculated from governmetn figures.
I would suggest a cost-of-living calculator at the American Institute of Economic Research. http://www.aier.org/research/col.php

One has to conclude however that each year, people are better off. That is the total Gross Domestic Product divided by the number of people, adjusted for inflation rises. It is not easy however to figure out that our life improves with substitution of cheaper things for more expensive things. But if you just want to compare the price of gas then with now, The link above will do it.

Answer 3

The calculator