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 | Scroogenomics: |
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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. 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. Joel Waldfogel is the Ehrenkranz Professor and Chair of Business and Public Policy at the Wharton School of the University of Pennsylvania. He is the author of The Tyranny of the Market and has been a columnist for Slate. "Leave it to an economist to make an impassioned argument for why we shouldn't give gifts, especially during the holidays."--Los Angeles Times "Waldfogel delivers a badly needed poke in the eye at holiday-time consumer madness, positing that not only is compulsory gift giving stressful and expensive, but it's economically unsound. . . . This lively, spot-on book may be the one gift that still makes sense to buy come Black Friday."--Publishers Weekly "In his new book, Scroogenomics--a perfect stocking-filler--Waldfogel argues that buying presents is no longer a luxury but a necessity because the social pressure is immense."--John-Paul Flintoff, Sunday Times "Waldfogel assesses holiday gift giving though the lens of economic tenets such as opportunity costs and deadweight loss. The result is a short but engaging manifesto on the inefficiency of the tradition, concluding with several solutions to increase satisfaction for both givers and receivers. Although his own suggestions mandate that you not buy this book for someone who wanted something else, fans of Freakonomics and The Economic Naturalist may love it."--Library Journal "[A] handsome little book. . . . Waldfogel is, if not a unique, then certainly a rare economist."--Australian "And now, in a new book called Scroogenomics, a U.S. economist has helpfully done the math on the holiday he declares, as only an economist would, an 'organized institution for value destruction.'"--Erin Anderssen, Globe & Mail Preface ix Subject Areas: | |||||
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