[rland]

I agree, and it's the same reason I take investment advice from all 50s/60s born with a huge grain of salt. "Put $10,000 in an index fund when you're 23 years old and you'll be a millionaire when you retire!" There are so many assumptions being made there that it boggles the mind. What if the economy doesn't grow 3% yoy for my entire life! What if it just... levels off?

Piketty pointed this out: in the early 1800s, authors would mention actual numerical dollar amounts paid for goods in books and plays. Because for all of prior history economic growth was a few basis points per year, at best. So a British pound earned in 1600 would be roughly comparable in value to one spent a hundred years later.