Swiss Economicblogs.org
If you haven’t had a chance to go Christmas shopping don’t despair, gifts destroy value. For example, someone on a diet is unlikely to place much value on a box of chocolates. The difference between what was paid for the chocolates and what the recipient would have paid represents destroyed value. They could have been left on the shelf for someone who would have fully valued them. Economists call this deadweight loss. © Kati1313 | Dreamstime.com In a book entitled Scroogenomics, Joel...
Read More »The hidden cost of Christmas gifts
