‘Tis the season…to shop. If you need another excuse, many economists say it’s good, even necessary, for economic recovery. But economist Joel Waldfogel estimates that Americans drop close to $70 billion a year on Christmas presents that no one wants. Society, he adds, would be better off without this “orgy of wealth destruction.” Should we stop giving gifts all together? What about sentimental value?
Joel Waldfogel, author, Scroogenomics: Why You Shouldn’t Buy Presents for the Holidays (Princeton University Press), Professor and Chair of Business and Public Policy at the Wharton School of the University of Pennsylvania.