Open Thread - What A Living Wage Looks Like, 1913
June 13, 2014

Via Iconic Photos, this is estimated to be one of the most expensive photographs to produce, ever:

Fittingly for a company whose axiom was “Time equals money”, the photo cost thousands of dollars. In 1913, Ford paid $2.34 a day — minimum wage then was $1 — and employed them for nine-hour working day. (The next year, he doubled the pay to $5 a day and reduced the daily work hours to eight). Assuming a working day lost because of the photo, Ford paid out $28,080 daily wages – almost equal to amount of seed money he had to found the company in 1903. To add to that, Ford lost out on making 600 cars (in 1913, Ford produced 250,000 cars annually), each of which cost $600. In total, the cost of the photo was over $9 million in 2013 dollars.

When he died in 1946, Ford left behind a fortune of $ 188.1 billion (in 2008 dollars), which made him top five richest industrialists ever.

Open thread below...

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