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Since I'm not sure exactly which episode this came from (if you know please do tell) we'll assume that the year would be 1951, the year "I Love Lucy" started. According to the inflation calculator a pair of shoes that cost $16 dollars in 1951 would go for approximately $132 in today's money. Not cheap but certainly not the most expensive pair of women's shoes you could get today.

Check below for the source link on inflation.

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Q: In an I love Lucy episode Ethel says you don't buy 16 shoes for comfort you buy them for looks How much would those 16 be in todays rates?
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