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Glyn Davies, author of this article was born in Abertillery in South Wales 1919. He attended the University of Strathclyde to pursue an economic related course and graduated with a degree on Banking and Finance. When the article was first published, Davies had undertaken a couple of researches on the current trends in money markets and how the money value changes with time. Some of the sources he used included the offices he managed to work.
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In this article dated 22nd January 2011, a summary is hereby given in the topic 'changes in the value of money over time.' Purchasing power of any individual varies and relies on short periods of time. Using the example of computer technologies, the cost incurred to acquire one four years ago totally varied from the current market value. During colonial period, money was scarce. Evidence of scarcity is given by the Pennsylvania example whereby people in that era responded by opting for barter trade as a customary means of commerce. Here, people exchanged goods at hand for other goods that they did not have. For instance, wheat was exchanged for clothing, food stuffs among other goods. Furthermore such goods at hand could be used to settle disputes and pay fines in the court.
Changes in the levels of technology took the United States economy a step higher. Prior to colonial periods, farming for instance was not mechanized. Due to many inventions undertaken by researchers, there was an improvement in agricultural sector which in turn positively influenced the economy. This therefore brings about the relevance of the article to the course of economic history.
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