The litter in littérateur. Ricky Opaterny on Books, Music, Art, and Sports

An economist might suggest that the solution is to abandon the pretense and simply start exchanging small piles of money. The boom in gift cards is a kind of socially tolerable version of this: the cards are somehow more personal than cash, and they’re also not going to be wasted on an unwanted gift. But Waldfogel’s studies also suggest a very different solution: if most of the presents we buy are going to be less valuable in monetary terms than in sentimental ones, then there’s no reason to believe that the more expensive gift is a better gift. In fact, the more we spend at Christmas, the more we waste. We might actually be happier—and we’d certainly be wealthier—if we exchanged small, well-considered gifts rather than haunting the malls. Calculating the deadweight loss of Christmas gifts is a coldhearted project, but it leads to a paradoxically warmhearted conclusion: the fact of giving may be more important than what you give.