Xenophon (Ancient Greek Ξενοφῶν, Xenophōn; c. 430 – 354 BC)
Here's an interesting bit from "The Exploits Of Xenophon" written by Xenophon himself (loosely translated for children by Geoffrey Household) regarding what happened to him around 400 BC. A Thracian Prince named Seuthes II offered Xenophon's mercenary army: "one gold piece a month to the men, two to the officers and four to the generals".
Two observations:
- Compared to an ancient Greek mercenary army, the USA does have gross income inequality with CEO's making way more than 4 times the average worker (see http://www.stateofworkingamerica.org/charts/view/17) for the background on the picture that follows: Ratio of average CEO total direct compensation to average production worker compensation, 1965-2009
- To retire on a mercenary general's pay (say with a life expectancy of thirty years) save up 1440 (30 * 12 * 4) gold pieces and spend four a month. Assuming a gold piece is an ounce in weight and at the current price of gold ($1725 when this was written), you need roughly 2.5 million dollars worth of gold and you'll be living on four oz of gold per month, that is, initially $6900 a month or $82,800 per year. You'll be living on the same wage as a Mercenary General for those thirty years.
This second point illustrates the idea that gold is a long-term store of wealth even across a span of 2,400 years.
UPDATE: 1/4/2011, The best estimate of Xenophon's pay is four Persian Daric's per month (click here). A Persian Daric gold coin weighed 125.5 grains (click here) or 8.1 grams (click here) or .26 troy oz (click here). So my best estimate of a Greek Mercenary General's pay is 1 oz/month (not the 4 oz/month given above). This a lot less than what it would take to live a middle-class retirement on.
MontyHigh, www.worldofwallstreet.us
Interesting read.
Posted by: EB | December 01, 2011 at 09:02 PM