Yes! Economist Joel Waldfogel wrote an article in the Globe yesterday saying exactly what I’ve been saying for years: the custom of exchanging gifts decreases people’s utility.
“When you spend $50 on me, you’re operating at significant disadvantage. You don’t know what I like. I might not have been willing to pay anything for the item you purchase for me with $50. While $50 in spending normally produces at least $50 worth of satisfaction, there’s no guarantee that $50 in gift spending will produce nearly as much satisfaction for the recipient. And if you buy me something worth nothing to me, you have destroyed at least $50 worth of value.”
Check it out!
And now for something a little different: the Enchanted Village, one of Boston’s oldest Christmas attractions, has a new home. The colonial Christmas scene, which has been displayed in Jordan Marsh at Downtown Crossing from the 1940s until 2006, was bought at an auction by another Jordan: Jordan’s Furniture. It consists of 75 animated child figures and 75 bears, plus some adults, other animals, buildings, and props. It will be displayed in Jordan’s Avon store around Christmas time.
I remember going to the Enchanted Village when I was a little kid, and I’m happy that it has a new home and will be on display to the public again :)
Read more: Boston Globe & Boston Business Journal
Today, for the first time in six years, Christian pilgrims are going to Bethlehem, Jesus’s birthplace, to celebrate. Before, the pilgrimages were impossible because of violence (which isn’t surprising because Bethlehem is in the Middle East).
Today in history, the War of 1812 ended with the Treaty of Ghent in 1814, and the Ku Klux Klan was founded by former Confederate cavalryman Nathan Bedford Forrest in 1865. Also, three years ago in 2002, Scott Peterson reported that his pregnant wife, Laci, was missing. As most people know, it is a commonly held (and correct) belief that Scott killed his wife either on Christmas Eve morning or the night of December 23. Additionally, one year ago on this date, everyone’s favorite Defense Secretary, Donald Rumsfeld, paid a surprise visit to American troops in the most dangerous parts of Iraq. Finally, I would like to wish a happy birthday in advance to Jesus Christ, who will be celebrating his birthday tomorrow! Have a happy Christmas Eve and Merry Christmas, everyone!
