We adjusting for inflation here or not?
Cotton is trading at 53 cents a pound. It fetched 30 cents in 1860.
Given the inflation rate over the past 150 years it\’s difficult to see it coming out at 30 cents in any way at all. Then again, if we\’re not adjusting fo inflation, it does show that cotton is extremely cheap compared to what it was: as you would expect, given the mechanisation and increase in yields over the time period.