How does Standard of Living compare to today?

[Barsanuphius]

How does the economy of Imperial standard compare to today's cost of living? Yes given technology and such is extremely different, but I mean if I bring in $50,000 US or 30k pounds UK how in terms of Credits would me as a Traveller Character take in?

 

[nobby-w]

How does the economy of Imperial standard compare to today's cost of living? Yes given technology and such is extremely different, but I mean if I bring in $50,000 US or 30k pounds UK how in terms of Credits would me as a Traveller Character take in?

Traditionally, one credit would be roughly equivalent to $1 USD from about the mid-1970s. In todays money, Cr1 might equate to $3 - $5 USD or thereabouts.

As for standard of living, this could vary quite substantially. One could assume anything from third world conditions up to a wealthy Imperial capital with a society that's verging on post-scarcity. This could also vary within a world. Earth today has wildly varying standards of living and there's no reason that this variation couldn't exist pretty much anywhere.

Conditions might affect this as well. A rich world with a population of 7-8 would have lots of space to build, so ordinary folks could potentially afford the local equivalent of a McMansion. Space would be at a premium on a vacuum world where you had to live in pressurised habitats. Food would also be more expensive.

 

[Supplement Four]

I think it is accepted that an Imperial Credit has the buying power of $1.00 in 1977.

Using this Inflation Calculator--

http://www.dollartimes.com/calculators/inflation.htm

A dollar in 1977 has the buying power of $4.15 today.



So, $50,000 today is equivalent to $12,048 Imperial Credits. For easy figuring, call it Cr12,000

 

[Condottiere]

I use one to five conversion rate, so one CrImp could get you fifty ramen packs, which arguably is enough for a two week excursion.

 

[whartung]

Yea, the raw value isn't meaningful enough -- it's the location also.

$100K salary provided vastly different standards of living here in the US depending on whether you live in San Francisco, New York City, or Kentucky.

 

[Nathan Brazil]

In MgT 2e (and 1e, perhaps others) has a standard of living chart

Standard of Living Cost/Month Suitable For
Very Poor Cr400 Social Standing 2
Poor Cr800 Social Standing 4
Low Cr1000 Social Standing 5
Average Cr1200 Social Standing 6
Good Cr1500 Social Standing 7
High Cr2000 Social Standing 8
Very High Cr2500 Social Standing 10
Rich Cr5000 Social Standing 12
Very Rich Cr12000 Social Standing 14
Ludicrously Rich Cr20000+ Social Standing 15

Along with some indicators of "everyday" purchases
Burger at fast food joint Cr2-3
Meal at TAS Hostel Cr20
Standard meal Cr5-50
Sybaritic feast (12+ courses and entertanment) Cr500+

Per night
Cheap hotel Cr10
TAS Hostel (members and guests of members) Cr20
Good Hotel Cr50-100
Luxury hotels Cr100

"Average" is Cr1200 or Cr14400 per year but "Average" is SOC 6. Aesthetically that makes sense since Soc 6 begins DM +0 for rolls. As far as common sense? Well...

 

[kilemall]

For extra fun, you could use the per capita income rules of Striker and cross reference them with the relative credit tables of TCS.

Per capita starts at TL5 and 2000Cr, and increments 2000Cr per TL. So by TL10 it's 12000Cr and by TL15 it's 22000Cr.

So TL15 by the 4.15 standard would be $91,300.

Remember, that's per capita, actual salaries would be higher for that, and likely depends on a lot of local cultural and TL effects.

For example, medical care and ultimately anagathics would potentially mean a LOT of older people still working in their 80s, and so possibly the per earner salary may be lower because there are more earners in play then 'normal'.

The eye-popping stuff starts when you start using the currency conversion, IMO highlighting the desirability of currency backed by X TL/starport.

When you do that, and calculate against our current 'rate of exchange' as an E-8 world against an A-F 'hard' credit, that's a 10x difference.

So in other words, that per capita difference starting with $91,300 jumps to $913,000.

That's all relative of course, in other words it would cost 10x more to import TL 15 stuff, and someone will eventually post about how these charts are thoroughly decanonized for any usage in the OTU. And it's dynamite for day-to-day use in normal trading or financing for game purposes.

But it does 'feel' right in giving a feel for the titanic qualitative differences that SHOULD be measurable for differing TLs.

 

[Nathan Brazil]

Another thing to consider about the exchange rate, going with that line of thought is the Poverty.

T4, again has all the answers, from a 1990's viewpoint

WHAT IS POVERTY AT TL12?
...What is it like to live on the edge? Typically, it means dwelling in a prefab housing unit-along with some hundreds of other people and families-a synthetic apartment block that took someone about a week to throw together and that has been ignored ever since. When first assembled, it was halfway nice...about a hundred years ago. The utilities work, and so do the elevators, but only because they were retrofitted with newer models about twenty years ago.
Maybe you got lucky when you moved in. If the old tenant ruined the place, your unit was refurbished before you took possession. Contractors came in and painted new wall screens in the kitchen and living room. The resolution isn’t perfect, and the colors ran here and there, but at least it doesn’t have big blotchy patches. Of course, it would hardly matter here anyway, given the apartment’s bandwidth. The screen starts to fuzz whenever you talk to more than three people at once on the phone, and the picture breaks up entirely with more than six people on-screen at the same time. (You’ll have to go over to your brother‘s place for the next family reunion if you want to do more than just talk to disembodied
voices.)... In fact, it is better than many a millionaire on a TL7 world would have. - pg. 64 Marc Miller's Traveller

 

[LeperColony]

It would depend pretty heavily on the TL and the Gov/Law of your planet. Even if there are enough material resources to permit the entire populace to live in comfort, they may not (and probably will not) be distributed in such a manner.

It's possible for people on a higher TL world to have a lower standard of living than inhabitants of a less advanced society.

 

[Condottiere]

Depends on wealth redistribution, cost of living, and net disposable income.

 

[Timerover51]

Yea, the raw value isn't meaningful enough -- it's the location also.

$100K salary provided vastly different standards of living here in the US depending on whether you live in San Francisco, New York City, or Kentucky.

My son outside of San Francisco is running into that. With his salary there, he and his new bride could easily afford a house in the Chicago Suburbs, while where he is, there is nothing for less that a million or so.

Standard of living is somewhat of a nebulous thing. I have about a one acre lot here, when I told that to people in the UK, their immediate assumption was that I was fairly wealthy, as a one acre lot near London would command an astronomical price. What is one person's middle class is another person wealthy, and what is one area's poor is another area's middle class.

Also, how do you define standard of living? Adequate food, shelter, clothing, meeting the basic necessities of life, or does it include what could be viewed as luxuries? I assume that you will have the hyper-rich, the upper class of wealthy, those in the middle class that have some money for luxuries, those who are just making ends meet providing for the basic needs, and those who are worse off. Andre Norton"s "Dipple" series comes to mind.

 

[aramis]

Mom's 4 acres with a 3000 sf building in the hinterlands of western Oregon is tax assessed at half the value of her 1/8 acre with a 1500 SF hourse in a suburb of Anchorage.

Corvallis, median rents run about the same as poorer neighborhoods in Anchorage. Nicer places, tho'. College town. Drive 30 minutes away, you can rent the entire duplex for what you'd pay for one unit in Corvallis. But then you pay almost as much in petrol and car payment...

The room I'm right now in is 20x30 great hall... as big as the entire upper floor of the Alaska house.

 

[Condottiere]

Telecommuting resolves some issues; one Silicon Valley business is reportedly encouraging their employees (probably specific ones) to move out of there.

With an air/raft Uber ride, you could be off the grid and still get to the nearest metropolis, when necessary.

If you have arcologies, it could be a subsidized company town.