This story is about Joseph and his overcoat. His coat wears down, so he turns it into a jacket. When that wears down, he makes a vest, then a scarf, then a handkerchief, etc. At the end of the book, he loses the button that was covered with the last scrap of fabric. The last thing he makes is a story about his overcoat's journey, which shows that you can always make something out of nothing.
It isn't all that terrific a story, but the book is vibrantly illustrated. Each page is brightly colored with cutouts that help predict what and who might come next in Joseph's story.
The "making something out of nothing" connection would be easy with artwork, recycling, cause and effect, etc. There is even a song at the end of the book, written by Simms Taback himself.