The only good xmas present
By Cathy Gulli - Monday, November 9, 2009 - 5 Comments
An economist explains why you shouldn’t buy gifts
Joel Waldfogel doesn’t think we should bother buying Christmas presents. Not because the annual ritual commercializes a religious occasion or goes against the very spirit of the holidays. Rather, the economist says he’s against gift-giving because most of the time we’re just not good at it—and that results in a massive waste of money. “The problem when other folks buy stuff for us is that no matter how well-intentioned they are,” explains Waldfogel, “they buy the wrong stuff.”
The reason, according to Waldfogel’s new book, Scroogenomics: Why You Shouldn’t Buy Presents for the Holidays, is because no one knows our own likes, dislikes and needs as well as we do. Givers are almost guaranteed to fail at finding that perfect present. At Christmas, this affliction is compounded by the throng of people we’re obliged to buy for—bosses, third cousins, the neighbour and the nanny, maybe her dog, too. The result is what Waldfogel calls the “red tornado,” referring to the alpha giver, Santa. “It just lifts stuff up and almost randomly drops it under our tree.” Brass golf tees? Plink. Innocuous scented candle? Plunk. Tribal walking stick? Urgh. Continue…
