real values

real values

the value of an asset, wage, profit, etc. adjusted for changes in the level of prices (particularly INFLATION) over time; that is, expressing the value in terms of constant prices not current money prices. Thus, while workers' money wages may have increased due to inflation, giving the appearance that they are now better off, their real wage may well have remained the same; i.e. if wages go up at exactly the same rate as inflation, the PURCHASING POWER of that wage (the real wage) remains unchanged; if money wages go up by less than the rate of inflation then real wages will fall. See INFLATION ACCOUNTING. Compare with NOMINAL VALUES.
Real valuesclick for a larger image
Fig. 166 Real values.

real values

the measurement of an economic aggregate (for example GROSS DOMESTIC PRODUCT) corrected for changes in the PRICE LEVEL over time, that is, expressing the value in terms of constant prices. Thus, Fig. 166 shows that the UK's GDP in real terms has risen more slowly since 1997 than shown by the current INFLATION-affected GDP data. See GNP DEFLATOR.
References in classic literature ?
But just as doubts of the real value of paper money arise either because, being easy to make, too much of it gets made or because people try to exchange it for gold, so also doubts concerning the real value of such histories arise either because too many of them are written or because in his simplicity of heart someone inquires: by what force did Napoleon do this?
Oolanga would have been startled had he known and been capable of understanding the real value placed on him, his beauty, his worthiness, by other persons, and compared it with the value in these matters in which he held himself.
But I will allow that the critic who has not a practical knowledge of technique is seldom able to say anything on the subject of real value, and my ignorance of painting is extreme.
Rosa watched the flower-pot with an interest which betrayed to Boxtel the real value of the object enclosed in it.
But Honour was inspired by no such motive; she had no raptures to expect, nor any terrors to shun; and besides the real value of her clothes, in which consisted a great part of her fortune, she had a capricious fondness for several gowns, and other things; either because they became her, or because they were given her by such a particular person; because she had bought them lately, or because she had had them long; or for some other reasons equally good; so that she could not endure the thoughts of leaving the poor things behind her exposed to the mercy of Western, who, she doubted not, would in his rage make them suffer martyrdom.
But it did her good, for those whose opinion had real value gave her the critism which is an author's best education, and when the first soreness was over, she could laugh at her poor little book, yet believe in it still, and feel herself the wiser and stronger for the buffeting she had received.
Seven thousand was, however, only a third of its real value.
She would see that some people appreciated him at his real value.
The Chinooks and other Indians at the mouth of the river, soon proved themselves keen traders, and in their early dealings with the Astorians never hesitated to ask three times what they considered the real value of an article.
When particularly exasperated against them (which, scandal said, was when Sim Tappertit slighted her most) she was accustomed to wish with great emphasis that the whole race of women could but die off, in order that the men might be brought to know the real value of the blessings by which they set so little store; nay, her feeling for her order ran so high, that she sometimes declared, if she could only have good security for a fair, round number--say ten thousand--of young virgins following her example, she would, to spite mankind, hang, drown, stab, or poison herself, with a joy past all expression.
Therefore it was not for any real value, but for a purely fictitious value that Judge Blount invited him to dinner.
The real value of the Iliad or the Transfiguration is as signs of power; billows or ripples they are of the stream of tendency; tokens of the everlasting effort to produce, which even in its worst estate the soul betrays.