Wonderful writing as always, thanks for sharing your thoughts. I’ve been thinking a lot recently about how these artificially low prices for things based on hidden costs or costs pushed onto low paid workers have poisoned the well for craftspeople, they have really skewed people perception of what a reasonable price for something is. As I’ve started selling some of my work and trying to figure out pricing I had a lot of feelings about my prices being too high, but as I reflect on the above points I realize it may be that the prices of many things are too low and drag the “reasonable cost” curve down for everyone.
That one really hits home for me. The local hardware store in my town that had been open for 130 years and had been owned by the same family that whole time closed last year and the only things left are two big box stores.
The tragic reality of economics being divorced from ethics, and the concomitant demand for never-ending economic growth being divorced from the limits of natural growth.
I think one area of the deferred cost issue is that buying the luban or wood river plane is supporting an economic model where the vast majority of people with either a) not recognize the value of well crafted items or b) not be able to afford well crafted items or both.
I also think this is why transparency in consumerism is important. Often I can’t answer the question of could I make X for this price, because I would have no idea where to even start making X. For example making a copy of a Lie-Nielsen #5 jack would cost me thousands of dollars in equipment and hundreds of hours of time, but knowing the history and provenance of the company allows me to understand the ~$450 is a reasonable price for a responsibly produced modernized #5 jack. For me it’s not about made in the USA as much as it’s about a fair and sustainable price for the item (e.g. I would love to get a few HNT Gordon joinery planes).
I also try to think about this from my hobbyist perspective. I want there to be good and innovative makers of tools and resources to support my hobby for years to come and that means I need to save up and focus on buying high quality, fairly priced items even it means buying fewer of them. I was thinking of getting my first band saw ( a Rikon 10”) and was realizing that it costs less than a bad axe D8 hand saw. My initial reaction was that the D8 was sooooo expensive, but then I thought well I want there to be high quality saw makers, and I also realized that in 50-100 years that handsaw would still be a useful and valuable item whereas the band saw would have been junked decades and decades earlier. Of course they are not the same things at all, but it’s a useful perspective to take.
Thank you, Shea, for “reading the room.” It is difficult for I and many other effectors (meaning someone who makes things happen. Puzzled looks at seeing the business card- Whatdoyado?!?) to separate price from value. Two entirely different things, in my opinion. I ask the question here, “What is a reasonable VALUE for something?” The answer may not be reflected in the reasonable price.
Completely unrelated to this really insightful post and a really interesting framework for consumerism: your company shirt in that picture is super cool!
Thanks man. We get asked for shirts a lot so we are actually going to do a merch run at some point in the next month or so. I’ll try and remember to drop a plug in a post when we do
Wonderful writing as always, thanks for sharing your thoughts. I’ve been thinking a lot recently about how these artificially low prices for things based on hidden costs or costs pushed onto low paid workers have poisoned the well for craftspeople, they have really skewed people perception of what a reasonable price for something is. As I’ve started selling some of my work and trying to figure out pricing I had a lot of feelings about my prices being too high, but as I reflect on the above points I realize it may be that the prices of many things are too low and drag the “reasonable cost” curve down for everyone.
Yes, this is it exactly. It also applies to other industries like let's say my local hardware store versus a big box store.
That one really hits home for me. The local hardware store in my town that had been open for 130 years and had been owned by the same family that whole time closed last year and the only things left are two big box stores.
Oof 😥
The tragic reality of economics being divorced from ethics, and the concomitant demand for never-ending economic growth being divorced from the limits of natural growth.
I think one area of the deferred cost issue is that buying the luban or wood river plane is supporting an economic model where the vast majority of people with either a) not recognize the value of well crafted items or b) not be able to afford well crafted items or both.
I also think this is why transparency in consumerism is important. Often I can’t answer the question of could I make X for this price, because I would have no idea where to even start making X. For example making a copy of a Lie-Nielsen #5 jack would cost me thousands of dollars in equipment and hundreds of hours of time, but knowing the history and provenance of the company allows me to understand the ~$450 is a reasonable price for a responsibly produced modernized #5 jack. For me it’s not about made in the USA as much as it’s about a fair and sustainable price for the item (e.g. I would love to get a few HNT Gordon joinery planes).
I also try to think about this from my hobbyist perspective. I want there to be good and innovative makers of tools and resources to support my hobby for years to come and that means I need to save up and focus on buying high quality, fairly priced items even it means buying fewer of them. I was thinking of getting my first band saw ( a Rikon 10”) and was realizing that it costs less than a bad axe D8 hand saw. My initial reaction was that the D8 was sooooo expensive, but then I thought well I want there to be high quality saw makers, and I also realized that in 50-100 years that handsaw would still be a useful and valuable item whereas the band saw would have been junked decades and decades earlier. Of course they are not the same things at all, but it’s a useful perspective to take.
Thank you, Shea, for “reading the room.” It is difficult for I and many other effectors (meaning someone who makes things happen. Puzzled looks at seeing the business card- Whatdoyado?!?) to separate price from value. Two entirely different things, in my opinion. I ask the question here, “What is a reasonable VALUE for something?” The answer may not be reflected in the reasonable price.
Another great one. I've found all of your writing here enjoyable and insightful, thank you for it.
Completely unrelated to this really insightful post and a really interesting framework for consumerism: your company shirt in that picture is super cool!
Thanks man. We get asked for shirts a lot so we are actually going to do a merch run at some point in the next month or so. I’ll try and remember to drop a plug in a post when we do