Business Books

So is putting a lid on the $65 billion spent annually on holiday gifts, says Professor Joel Waldfogel of the Wharton School. Waldfogel, the author of Scroogenomics: Why You Shouldn't Buy Presents for the Holidays, insists his theory is solid economics, not bah, humbug. "As an institution for 'allocating resources' (getting stuff to the right people), holiday giving is a complete loser." If you spend $50 on yourself, he explains, you'll get something worth $50 to you. But if your Aunt Bernice buys you a $50 Christmas gift, she's likely to buy something that's worth nothing to you. In economic terms, that's a "deadweight loss." But if you fail to buy Aunt Bernice a Christmas gift in return, that's a family disgrace, even during a recession. Skinflint relative? Thrifty nephew? Your call.