Here’s the astounding thing Christopher Hibbert did with his estimate of how much prices in 18th century Britain had to be multiplied to get an estimate for their amount in modern times: he named it.
Superficially, I have no place calling this astounding. If Hibbert didn’t have an estimate for how to convert 1782 prices to 1998 ones he would have not mentioned the topic at all. But consider: the best fit for a conversion factor could be from any of, literally, infinitely many imaginable numbers. That it should happen to be a familiar, common number, one so ordinary it even has a name, is the astounding part.
Part of that is a rounding-off, certainly. Perhaps the best possible fit to convert those old prices to the modern was actually a slight bit under 62, or was 57 and three-eighteenths. But nobody knows what £200 times 57 and three-eighteenths would be, as evaluating it would require multiplying by sevens, which no one feels comfortable doing, and dividing by eighteen, which makes multiplying by seven seem comfortable, unless we remember where we left the calculator, and why would we dig out a calculator to read about King George III?
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