Quailty counts

[Pleater]

I was turning out my wardrobe and found some footwear I bought in the 1970's and was reminded of the theory put forward by the character Samuel Vimes, in the Discworld novels by Terry Pratchett:


The Sam Vimes "Boots" Theory of Economic Injustice runs thus:
At the time of Men at Arms, Samuel Vimes earned thirty-eight dollars a month as a Captain of the Watch, plus allowances. A really good pair of leather boots, the sort that would last years and years, cost fifty dollars. This was beyond his pocket and the most he could hope for was an affordable pair of boots costing ten dollars, which might with luck last a year or so before he would need to resort to makeshift cardboard insoles so as to prolong the moment of shelling out another ten dollars.
Therefore over a period of ten years, he might have paid out a hundred dollars on boots, twice as much as the man who could afford fifty dollars up front ten years before. And he would still have wet feet.
Without any special rancour, Vimes stretched this theory to explain why Sybil Ramkin lived twice as comfortably as he did by spending about half as much every month.

[piperdbh]

I'm not familiar with the literature, but I agree with the logic.

[artificer]

I was turning out my wardrobe and found some footwear I bought in the 1970's and was reminded of the theory put forward by the character Samuel Vimes, in the Discworld novels by Terry Pratchett:


The Sam Vimes "Boots" Theory of Economic Injustice runs thus:
At the time of Men at Arms, Samuel Vimes earned thirty-eight dollars a month as a Captain of the Watch, plus allowances. A really good pair of leather boots, the sort that would last years and years, cost fifty dollars. This was beyond his pocket and the most he could hope for was an affordable pair of boots costing ten dollars, which might with luck last a year or so before he would need to resort to makeshift cardboard insoles so as to prolong the moment of shelling out another ten dollars.
Therefore over a period of ten years, he might have paid out a hundred dollars on boots, twice as much as the man who could afford fifty dollars up front ten years before. And he would still have wet feet.
Without any special rancour, Vimes stretched this theory to explain why Sybil Ramkin lived twice as comfortably as he did by spending about half as much every month.

One of the most eloquently voiced economic models ever. Sir Terry is perhaps my favorite author. He has such an amazing insight into the human condition.

ith:

[mookien]

Well, there's an old saying, "You have to have money to make money", and there's a lot of truth in it.

One needs more income than expenses in order to have money to invest. Once an investment begins returning capital and interest, the person can expand their investment income by taking advantage of buying in bulk (for lower unit price), buying higher quality (lower cost over time, as your example shows), timing expenditures for optimal pricing (eg buying summer cloths before winter), etc.

These effects compound over time. And, we all know that Albert Einstein said, "the most powerful force in the universe is compound interest". Actually, he may have never said anything like that, but the effect of compounding must not be underestimated. Just ask your credit card company.

[Bugbear]

Well, there's an old saying, "You have to have money to make money", and there's a lot of truth in it.

One needs more income than expenses in order to have money to invest. Once an investment begins returning capital and interest, the person can expand their investment income by taking advantage of buying in bulk (for lower unit price), buying higher quality (lower cost over time, as your example shows), timing expenditures for optimal pricing (eg buying summer cloths before winter), etc.

These effects compound over time. And, we all know that Albert Einstein said, "the most powerful force in the universe is compound interest". Actually, he may have never said anything like that, but the effect of compounding must not be underestimated. Just ask your credit card company.

Here's Snopes on Einstein and compound interest.
http://www.snopes.com/quotes/einstein/interest.asp

Besides compound interest is a process, not a force.


There's a whole bunch of things people claim Einstein said that don't check out...

[thescot]

. . .There's a whole bunch of things people claim Einstein said that don't check out...

yeah, and Confuciius, and Shakespeare, and Yogi Berra. It kind of makes adds weight to something I say if I attribute it to someone important.

[madmacs]

yeah, and Confuciius, and Shakespeare, and Yogi Berra. It kind of makes adds weight to something I say if I attribute it to someone important.

"I'm smarter than the average bear!" Was one of his right?

[thescot]

"I'm smarter than the average bear!" Was one of his right?

Of course. Yogi Bear, that is. "Hey, Booboo want to find some pick-a-nick baskets?"

Ad then there is, "When a father gives to the son, both laugh. When the son gives to the father, both cry." I've heard it attributed to Shakespeare and to a Jjewish proverb, but no matter--it's true.

[Inchessi]

I have seen this theory work in reverse with spectacular results. When purchasing tools, I buy quality. I am partial to Stihl chainsaws. My father likes to be a spend thrift, and buys old Homelites. I also have fiberglass handles on my mauls, while he has good old fashion hickory. So the Economic theory is that I would cut and split four times the amount of wood he did. He was a brilliant man.

[Chirs]

Years ago I had a classmate who was from Germany. We were talking about cars one day and got on the topic of German-made vs. North American-made vehicles. I made a comment on the difference in cost. His response was "Buy it right or buy it twice." It seems that this logic is (or at least it was at the time) common to the German people. Personally, I agree.