A recent newsletter from AdamSmithWorks reminded me of this great discussion between Russ Roberts and Mike Munger on division of labor, particularly their discussion about shoe and boot making in Colonial Williamsburg. (That bit of the podcast begins at around 27:54).
The discussion about shoes and boots caught my attention then and now because of the great discussion of the price of boots in Terry Pratchett’s Men at Arms:
The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money.
Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when