In 1896, Richard Harding Davis went to Cuba to report on what his publisher, William Randolph Hearst, fervently hoped would be a war. Hearst offered the 32-year-old writer $3,000 for a month of work; Davis expected to collect another $600 freelancing for Harper’s Magazine. Davis was a well-known and popular writer. But even the most famous print journalists today would have a hard time duplicating his earnings, which would amount to six figures in today’s money.

A quarter century later, John Maynard Keynes often earned the equivalent of thousands of dollars freelance writing for newspapers and serious periodicals. Indeed, earnings from newspapers were at times a significant part of his income. Keynes was famous and controversial in addition to being brilliant, which surely elevated his earning power. But he also benefited, as Davis had, from a marketplace in which reporting, analysis and opinion—that is, writing—was not relentlessly dirt cheap.

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Francis Wilkinson is executive editor of The Week.