Joel Waldfogel is an economics prof. at Wharton School (UPenn.). His

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Joel Waldfogel, an economics professor at Wharton, argues in his book "Scroogenomics" that holiday gifts often result in a loss of value, estimating a $12 billion "deadweight loss" each year. He suggests that cash gifts would be more efficient, allowing recipients to choose what they truly want. However, many participants in the discussion emphasize the sentimental value of handmade or thoughtful gifts, arguing that these cannot be replaced by cash. The conversation also critiques the idea of regulating or banning holiday gifts, asserting that personal choice should prevail. Ultimately, the debate centers around the balance between economic efficiency and emotional significance in gift-giving.
  • #31


EnumaElish said:
But writing a jolly check payable to the grandchildren is not a popular choice among the grandparents currently, and unlikely ever to become one.

Over the last two years, I gave up trying to figure out what the nieces and nephews would want for Christmas and birthdays and instead sent money. They LOVED it! What they especially liked is that they could pool their money for something they really want. What's more, by eliminating the shipping costs, I was able to give more to my family and less to UPS. As for me, I cannot remember a time when a cash gift was unwelcome.

If you have something special in mind, obviously the thought is usually appreciated. But it is hard to imagine any kid having a problem with cash. What is easy to imagine is a closet full of unused junk that was never worth the money paid in the first place. Buying for kids can be tough.

I also remember getting gifts from my grandparents that had sentimental value because I loved my grandparents, but the gifts really had no practical value. I was never going to use them.
 
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  • #32


Ivan Seeking said:
Over the last two years, I gave up trying to figure out what the nieces and nephews would want for Christmas and birthdays and instead sent money. They LOVED it! What they especially liked is that they could pool their money for something they really want. What's more, by eliminating the shipping costs, I was able to give more to my family and less to UPS. As for me, I cannot remember a time when a cash gift was unwelcome.

If you have something special in mind, obviously the thought is usually appreciated. But it is hard to imagine any kid having a problem with cash. What is easy to imagine is a closet full of unused junk that was never worth the money paid in the first place. Buying for kids can be tough.

I also remember getting gifts from my grandparents that had sentimental value because I loved my grandparents, but the gifts really had no practical value. I was never going to use them.

Who gives kids the gift of learning that happiness is possible without material things or leisure activities that cost money?

That is the gift of independence for later when they have to cut their budgets to afford the mortgage payment when they've lost income. At that point they can either be in a miserable prison of spending-constraint or they can be busy with all the things they learned to enjoy that don't cost anything or involve material items that have to be purchased.
 
  • #33


Oh lord, we are talking about gifts not lessons in philosophy. There is plenty of time for that later. I think it is extremely selfish to think of what you want based on some abstract concept, instead of something that will actually make the kids happy.

Being the tough guy/gal is a job for the parents. The rest of us get to score browinie points.
 
  • #34


Ivan Seeking said:
Oh lord, we are talking about gifts not lessons in philosophy. There is plenty of time for that later. I think it is extremely selfish to think of what you want based on some abstract concept, instead of something that will actually make the kids happy.

Being the tough guy/gal is a job for the parents. The rest of us get to score browinie points.

So in other words you like the idea of giving kids anything they want without considering how it will affect them, either presently or in later life.

I tend to look at gift-giving or anything else I do for or with kids as part of raising them. I think raising them involves a certain degree of giving them freedom to want and get what they want, but I also think it is good for adults to think about what is good for them - which requires some philosophizing, whether you like it or not.