"Now if i was charging 40/hr in 1970 would it be fair to charge 200/hr in 2005."
No it would not be fair, i want everyone to be my buddy, and like me, if i charge them too much, they may not like me, also i feel the need, to help anyone, that tells me they can't afford my work, i would rather take a loss, and help them, before i worry about my own bills, You have to understand, i am an electrician, it's my job to watch out for the other guy.
I put in the $400 a 200Amp service upgrade cost in 1965, and it came back $2383 , so i figure instead of raising my rate, i can just do more $400 dollar upgrades, to make up the difference, gota be fair you know.