Holiday Gifts and the Spirit of Giving

So apparently, there is a new book out by Joel Waldfogel that talks about how we are wasting a lot of money by buying gifts during the holiday season. Wasting a lot... or $85 billion per winter. So instead of giving gifts that the recipient doesn't want (and waste $85 billion), we should just give cash or gift card.

Except that logic seems just a bit cold. Isn't it that the thought should count? And even if the gift reflects the giver, more than the recipient, I tend to think that has endearing value as well. For example, to go back to my favorite short story -- The Gift of the Magi -- the gifts turn out to be of no use to the recipients. Because both donors thought so well of the other, that the gifts become useless. And the gifts are wasted on the recipients. But the selfless thoughts of both donors are what make this story so endearing... and make them the wisest of all givers.

So in defense of giving gifts, not cash or gift card, I have once again gone against my parents' wish and bought my entire family something. Who knows? This year, my family could be surprised and love my gifts. If not, I don't mind being part of $85 billion waste in giving gifts.