I hope this is the right place to ask. :) I'm currently working on what is to be a wiki/encyclopedic website. Some articles contain amounts or prices like construction costs and such, but since these articles talk about things of up to about 80 years ago, I'd like to add some kind of translation of these values to put them in a better perspective.
I mean, building something for $50.000 is not not an extreme amount of money, while it might have been in 1930.
Can I translate these old prices to a current price to give especially younger readers a better idea of actual cost? I thought about using the gold price. If a kilo of gold was $10 then and it is $100 now, I could say that money has devalued to a 10th of its worth. If so, a building that cost $50.000 would cost about $500.000 now.
Is that a correct approach or is it utter nonsense? Thanks.
If anyone knows the right terminology for these kinds of calculations, I'm happy to know them. It will allow me to search better too. :)