My last column was on gift-giving, and I cannot refrain from writing another on the same subject. A recent “Reading File” in the New York Times (Jan. 4) contains a provocation I cannot resist. Ross Gittins, a writer at the Sydney Morning Herald, explains why economists regard gift-giving as foolish. Here is an excerpt:
If you are like me, you dread one essential part of Christmas celebrations: gift-giving. My problems start with shopping. To give, you have to shop, but for me shopping is disturbingly disorienting, especially at Christmas. With all the glitzy stuff staring at me from everywhere I can’t figure out what I like (let alone what I like and can also afford).
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