The Deadweight Loss of Christmas chronicles the poor economic choices inspired by holiday giving. The economists behind the article suggest that most givers ‘use their best guess’ to shop for friends and family, and about approximately 10 percent of these purchases end up being a “deadweight loss” – a result of the recipients not actually wanting the presents they receive.
In my book, these economists are akin to Mr. Scrooge himself for not considering the thoughtfulness that goes into each of the gifts. What’s wrong with the recipient not truly loving the gift, as long as they understand the sentiment behind the purchase? If my sister buys me a book I already have, I’m happy that she thought of me – not upset that I’ve already read it. Hopefully I can return the book and get something that I haven’t read the next day.
This is a pretty long setup for the real topic I wanted to bring up today: Christmas Lists. Growing up, my family always took a ‘thoughtful’ approach to gifts and spent a lot of time making, crafting, and, well, guessing what everyone in the family wanted. Jon’s family, however, makes the economists smile by embracing the all-important Christmas Wish List. A few days after Thanksgiving we all exchange a list of our Christmas dreams, and, well, they usually come true under the tree on December 25. Convenient, right?
What do you think – should we exchange gifts based on intuition and thoughtfulness, or should we rely upon carefully crafted list of our wants?