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AnsonAndrew, you raise a good question. How do you measure power before Babe Ruth? Was it that nobody was able to hit the longball prior to the 20's or is it that the dynamics changed?
While we want to glorify the era that we enjoy collecting, I'm hard pressed to not include more current ball players. Stats put all eras on an even playing field. However, the game has changed and readapted to many of the different dynamics. I don't think anyone can argue that. After all, look at the list that Andrew just posted. As he pointed out, we're missing the last 60 years of players.
I think the dynamics have evolved to what is more interesting for the average fan......long ball.
Michael Schell, a professor of biostatistics, authored a book about the all-time greatest hitters. He approached it using mathematical analysis and taking a few liberties, of course. However, I do find many of his arguements to be valid.