FrugalityPosted: September 15, 2017
This is the sixth in a series on Franklin’s moral improvement plan, the rest of the posts are available here.
FRUGALITY: Make no expense but to do good to others or yourself; i. e., waste nothing.
“Every excellency, and every virtue,” writes Lord Chesterfield, “has its kindred vice or weakness; and if carried beyond certain bounds, sinks into one or the other. Generosity often runs into profusion, economy into avarice, . . . and so on.” Frugality (thrift, economy, etc.) is one of those virtues that seems most likely to slip into its kindred vice, parsimony (niggardliness, avarice, etc.) So how can one be careful without being cheap?
Thomas Hobbes would advise prioritizing frugality below ambition. “Frugality,” he writes in Leviathan, “though in poor men a virtue, maketh a man unapt to achieve such actions as require the strength of many men at once; for it weakeneth their endeavour, which is to be nourished and kept in vigour by reward.” To the extent that one’s frugality impedes one’s ambition, the ambition ought to be preferred because our happiness depends on our ability to continually advance.
Of course, this advice is qualified. For one thing, Hobbes concedes that people of limited means ought to practice frugality. It is not totally clear how Hobbes would define “poor men”, but it seems likely that the bulk of humanity falls into that class for purposes of his Leviathan. That particular section of the book starts with an explanation that felicity can only be obtained through constantly fulfilling an ceaseless series of desires. Aside from those at the very top of society, it seems unlikely that many have the resources to properly pursue that “perpetual and restless desire of power after power, that ceaseth only in death.”
Still, even poor folk ought to weigh their goals and aspirations when deciding how to spend their money. Even when money is tight, there are some desires that are “worth it.” Those desires or goals that are likely to lead to long term gain (or, in Hobbes’s terms, are likely to assure the ability to satisfy future desires) are probably worth investing in, and those that are likely to lead to recurring expense (or diminish the likelihood of achieving future goals) should be pursued only cautiously. For example, a tightfisted farmer who purchases a low-quality, second hand plow is probably not doing himself any favors. He is not being frugal, but cheap. Likewise, a thousand dollars spent on a once-in-a-lifetime trip is probably a better choice than buying a thousand dollar snow-mobile (or any other toy) that will result in future expenses in the forms of storage, maintenance, and fuel. In the words of Francis Bacon, “a man ought warily to begin charges which once begun will continue; but in matters that return not he may be more magnificent.”
Beer of the week: DAB Dark Beer – Budgeting for beer is a balancing act where one must consider not only the price, but also the quantity and quality. For example, a six pack of .5L cans of DAB actually costs less than a sixer of 12 oz. bottles of Bud, but tastes much better. And this is not the first time that I have turned to Dortmunder Actien-Brauerei for relatively good beer on the cheap. For a while as a student in 2007, Dortmunder Hansa was my go-to brew. It came in half-liter bottles, and was a serious value for a reasonably good European lager. This dark lager is pretty good. It pours with plenty of tan foam and a decent bready aroma. It has some of the classic dark malt flavors, including an aftertaste of coffee, but without much of the bitterness that often accompanies dark roasted malt. I am a big fan of dark lagers are generally, and this one is no exception.
Reading of the week: Leviathan by Thomas Hobbes – This excerpt is from a section of Leviathan called Of the Difference of Manners. But Hobbes makes it clear immediately that by “manners” he does not mean “how a man should wash his mouth, or pick his teeth before company, and such other points of the ‘small morals’.” What Hobbes is interested in is how one may live in society despite the fact that our happiness depends on our ability to constantly acquire power, presumably over, or at least to the exclusion of, others.
Question for the week: There are beers that fetch hundreds of dollars per bottle on the secondary market. Is it possible that one of those beers is actually hundreds of times better than a dollar beer? Is that even the right way to analyze the price?