How did something so small and insignificant as a stamp change the world?
In an op-ed from the New York Times this morning, PUP author Olivier Zunz relates the origins of the Christmas Seals campaign and the birth of mass philanthropy in the United States. At a time of year when we are inundated by requests to give a little, give a lot, just give — this article takes on special meaning. Not only is the Christmas Seals story a fascinating, heartwarming history, but Olivier hints at the larger lessons we can draw from it, writing:
It might be worthwhile for all those who sympathize with the occupiers of Zuccotti Park and other plazas and squares around the country to learn from the example of the Christmas Seals campaign. We have no shortage of urgent causes that will benefit from the energy of the grass roots. The seals campaign showed that the 99 percent, even when feeling disenfranchised, are hardly powerless to repair the safety net — and even influence the actions of the 1 percent.
The seals in this post are shared from the complete 104-year gallery at the American Lung Association: http://www.christmasseals.org/galleries/1907-1919.html. It is fascinating to watch the themes and imagery of the seals shift and change over the years and now the Christmas Seal program is high tech. You can send an e-card with a Christmas Seal or post one on Facebook. If you prefer the low-tech version, you can still purchase Seals for 2011: http://www.shoplungusa.org/xmasseals/getseals.asp
It’s always nice to know someone who knows something about wine. With the holidays just around the corner, we decided to tap our own James Simpson, author of the recently released Creating Wine: The Emergence of a World Industry 1840-1914, for his holiday wine memories, tips, and historical expertise. He’s exactly who you’d want to have handy when you’re puzzling over whether sherry goes with turkey, or how to avoid looking like a slouch if you happen to be raising your glass in Barcelona. Enjoy:
FACT: “Prior to 1980, the January ratio of excess debt relative to spending on the immediately preceding Christmas averaged about 15 percent. Since 1980 it has risen steadily to nearly 50 percent. That is, a month after Christmas, the holiday is now only halfway paid off. Of the component that was charged to credit cards in December, about three-quarters is not paid off.”
Christmas is a time of seasonal cheer, family get-togethers, holiday parties, and-gift giving. Lots and lots—and lots—of gift giving. It’s hard to imagine any Christmas without this time-honored custom. But let’s stop to consider the gifts we receive—the rooster sweater from Grandma or the singing fish from Uncle Mike. How many of us get gifts we like? How many of us give gifts not knowing what recipients want? Did your cousin really look excited about that jumping alarm clock? Lively and informed, Scroogenomics illustrates how our consumer spending generates vast amounts of economic waste—to the shocking tune of eighty-five billion dollars each winter. Economist Joel Waldfogel provides solid explanations to show us why it’s time to stop the madness and think twice before buying gifts for the holidays.
By reprioritizing our gift-giving habits, Scroogenomics proves that we can still maintain the economy without gouging our wallets, and reclaim the true spirit of the holiday season.
‘Tis the season for giving—and we’re feeling very generous today! We’re hosting 2 book giveaways next week, one on our main PUP Facebook page, and the other on our Princeton Birds and Natural History Facebook page. 1 winner from each page will be selected Thursday, December 22 at noon. All you have to do is “like” our Facebook pages and you’ll be entered to win! Here are the details:
Over on our Princeton Birds and Natural History Facebook page, we’re giving away a copy of The Crossley ID Guide: Eastern Birds by Richard Crossley. This stunningly illustrated book from acclaimed birder and photographer Richard Crossley revolutionizes field guide design by providing the first real-life approach to identification. “Like” this page by Thursday at noon if you haven’t already to win!
Good luck, and Happy Holidays from Princeton University Press!
The programme asked three distinguished Professors of Economics for their views on how to solve the
current economic crisis. Other guests were Danny Quah from London School
of Economics and Lord Robert Skidelsky, Emeritus Professor of Political Economy
at Warwick University. The programme is available to listen to from this
link http://www.bbc.co.uk/programmes/p00lzhr8
And Kimberly Blanton of the Squared Away Blog of the Financial Security Project at Boston College recently spoke with Prof. Garon about savings rates, “over-indebtedness,” and America’s “unusual” Christmas shopping season: http://fsp.bc.edu/united-states-of-credit/
From “Does Inequality Matter?” Republicans have never watned to talk about inequality, and many Democrats now seem afraid to. As a congressional Democratic adviser quoted by the New York Times reporter Jackie Calmes recently put it, the party is having difficulty articulating its position “in a way that doesn’t get us pegged as tax-and-spenders.”
The remarkable achievement of the Occupy Wall Street movement has been to make continuing silence about inequality politically unacceptable. Some have criticized the movement for not pressing specific demands. Yet most protesters wouldn’t pretend to have a sophisticated understanding of the forces that have been causing growing income disparities, or the policy experience to prescribe what might be done about them. But now that the movement has forced inequality onto the agenda, the time is ripe to focus on these issues….
Today’s corporate philanthropy has its roots in the great Depression. The Revenue Act of 1935 allowed corporate charitable contributions of up to five percent of net income to be tax exempt. Subsequently most states gradually changed their corporate charters to allow these kinds of contributions. However, as Olivier Zunz describes in Philanthropy in America: A History, this often created tension between management and stockholders, as the latter generally did not believe that management had the right to distribute profits.
When the A.P. Smith Manufacturing Company attempted to donate $1,500 to Princeton University in 1951 and were blocked by stockholders, the case ended up before the New Jersey Supreme Court. The court favored management, noting that “the appellants, as individual stockholders whose private interests rest entirely upon the well-being of the plaintiff corporation, ought not be permitted to close their eyes to present-day realities and thwart the long-visioned corporate action in recognizing and voluntarily discharging its high obligations as a constituent of our modern social structure.”
Christmas is a time of seasonal cheer, family get-togethers, holiday parties, and-gift giving. Lots and lots—and lots—of gift giving. It’s hard to imagine any Christmas without this time-honored custom. But let’s stop to consider the gifts we receive—the rooster sweater from Grandma or the singing fish from Uncle Mike. How many of us get gifts we like? How many of us give gifts not knowing what recipients want? Did your cousin really look excited about that jumping alarm clock? Lively and informed, Scroogenomics illustrates how our consumer spending generates vast amounts of economic waste—to the shocking tune of eighty-five billion dollars each winter. Economist Joel Waldfogel provides solid explanations to show us why it’s time to stop the madness and think twice before buying gifts for the holidays.
When we buy for ourselves, every dollar we spend produces at least a dollar in satisfaction, because we shop carefully and purchase items that are worth more than they cost. Gift giving is different. We make less-informed choices, max out on credit to buy gifts worth less than the money spent, and leave recipients less than satisfied, creating what Waldfogel calls “deadweight loss.” Waldfogel indicates that this waste isn’t confined to Americans—most major economies share in this orgy of wealth destruction. While recognizing the difficulties of altering current trends, Waldfogel offers viable gift-giving alternatives.
On Day 3 of his London tour, Robert Frank, author of The Darwin Economy, recorded an episode of the BBC Radio 4 Analysis program before a live audience of more than 400 at the London School of Economics.
Hosted by Paul Mason, BBC Economics editor, Analysis has an audience of more than 1 million, and the live crowd was filled with luminaries of the London political scene, including “Blue Labour” architect Maurice Glassman and FT commentator Samuel Brittan. The program will air on Monday (http://www.bbc.co.uk/programmes/b006r4vz).
Featuring commentary and interviews from Princeton University Press authors, the PUP Blog is a highly respected, timely and indispensable source for learning, understanding and reflection.
I’ve just read ‘Tales of Fiscal Adjustment’ by Alesina and Ardagna, which appears to be the founding text for the idea of expansionary austerity. The level of scholarship, at least as it applies to Australia (which is their first illustration) is exceptionally poor, to the extent that it requires a rescuscitation of the ancient Internet […]
Via Mark Thoma, and drawing upon James Bullard at the St. Louis Fed, MacroMania writes: I think that Bullard makes a persuasive case that the amount of household wealth evaporated along with the crash in house prices should likely be viewed as a “permanent” (highly persistent) negative wealth shock. Standard theory (and common sense) suggests […]
Bryan Caplan has a very good post on the human capital and signalling models of education. The key point is this, under the human capital model someone who forgets knowledge is no better than someone who failed to learn the same knowledge. Under the signaling model, however, failing and forgetting are very different. Bryan illustrates: […]
Here are some 2nd-year Cooper's Hawks (birds in their first adult plumage) with retained juvenile flight feathers (the pale brownish ones). Note the lack of any grayish color and the more distinct banding of the juvenile feathers. […]
From Ricardo Hausmann: Greece will have to bring its current account deficit down to zero at some point. This can happen in two ways: either Greece exports more or spends less. Adjusting the current account by spending less would require an additional fall in GDP of 25 per cent, given that in Greece only one […]
If you're reading this blog, you probably didn't fail a lot of classes in school. But I bet that you've totally forgotten a lot of those classes. I got A's in junior high and high school Spanish, but barely speak a word of it.Now ask yourself this:How would your career have been different if you had failed all the classes you've to […]
I heard a rumor that a famous economist was asking about my book in progress, The Case Against Education. So I sent him the following email:I heard you were asking about me at the GMU dinner earlier this week. I am indeed working on a book defending the empirical importance of the signaling model of education. I'm happy to discuss my project at lengt […]
A little while ago I came across this delightful essay, On Being the Right Size, by , courtesy of the always-interesting Farnam Street blog. An essay that seems to be about biology (and for more on this see 2010′s Royal … Continue reading → […]
1. There is no great stagnation: the horizontal shower. 2. What if Star Trek had social networks? 3. The culture that is Iceland. 4. New economics blog from Phillips Exeter Academy. 5. TGS for musical instruments? 6. Profile of Scott Stern’s work on the economics of science. 7. Kristof has quite a reasonable review of […]
