How do economists view Christmas?3 min read 25 Dec 2017, 08:20 AM IST
It's doubtful if economists practice what their dismal doctrine preaches, perhaps they realize that the welfare gains of not giving gifts would be more than offset by the welfare losses of being lynched
In one word: dismally. It is, according to them, a woefully inefficient waste of resources. The original example of this view is Joel Waldfogel’s celebrated 1993 paper, The Deadweight Loss of Christmas, published in The American Economic Review. The title says it all. Not that they have anything in particular against Christmas, their argument is against gifts in kind—in India, a similar paper could just as well be called “The Deadweight Loss of Diwali".
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