If you spend any time on Twitter/X, you must know the suit guy, Derek. Given my interest in the economics of fast fashion, I read his new thread about expensive craft sweaters.
He explains that some clothes on this earth are still made by hand. Artisan sweaters cost a lot because of the labor. Supporting that art or tradition is fine, if you have $500 on hand.
The comments on the thread are interesting as well. (Caveat, a good number of anonymous accounts are trolls bent on your destruction – read accordingly always.)
One comment, presumably by an amateur knitter in a rich country: “As a knitter, I know how much work would go into hand making sweaters like these. That’s not even taking into account the cost of a good wool yarn. If anything, they are underpriced.”
Not a lot of people want to spend $500 on a sweater. I really loved this reply about thrift stores. We don’t all have to buy the sweater new.
Someone who has been thinking about how goods change hands in the modern economy is Mike Munger who wrote Tomorrow 3.0: Transaction Costs and the Sharing Economy.
My related posts on fast fashion (a.k.a. factory-made sweaters cost $5):
Cato Globalization book out in paperback – my most optimistic take on this is that AI will facilitate the sharing part of the sharing economy, which will help justify the cost of high-quality new garments.
Is the repair revolution coming? – in my opinion, probably not, although I still think AI could help with this
(Tweet HT: Tyler)
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