Summary:
The book argues that holiday gift-giving often leads to economic inefficiency as people buy presents that recipients value less than their cost, resulting in a waste of resources. It suggests that alternative forms of giving, such as cash or charitable donations, could provide more value and satisfaction for both givers and recipients.
Key points:
1. Deadweight Loss of Christmas: Waldfogel says gift-giving can be inefficient because the cost of gifts often exceeds their value to recipients.
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