Is giving gifts socially efficient?

The economist’s guide to gift-giving

“There are worlds of money wasted, at this time of year, in getting things that nobody wants, and nobody cares for after they are got.” That was Harriet Beecher Stowe in 1850, reminding us that concerns over Christmas consumerism aren’t new. Also not new is Joel Waldfogel’s notorious research paper, The Deadweight Loss of Christmas, published 23 years ago in American Economic Review, a respected journal. Waldfogel, now a professor of economics at the University of Minnesota, expanded on his ideas in 2009 in a brief and witty book, Scroogenomics. ….[READ]

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