Just say no to gifts!

University of Minnesota economics professor Joel Waldfogel says he has nothing against Santa Claus. It's this "orgy of value destruction" he finds so appalling. Americans will throw away $14 billion this year buying gifts that the recipients don't want, like or need, he says. A pitch from the University of Minnesota earlier this week reminds us that Waldfogel has written a book about this: "Scroogenomics: Why You Shouldn't Buy Presents for the Holidays." I'm sure they're not trying to increase sales. In a dry, 10-minute video on YouTube, Waldfogel argues that around the world, we waste $25 billion a year through "non-careful giving." That's because, hey, if you give me $50, I'm going to buy it on something that gives me $50 worth of joy. Not socks or a tie or a sweater that's the wrong size, color, fabric, style. His research does assign some weight to the sentimental value. So, maybe you'd only pay $30 for the same sweater, but because it gave your dad such joy to give it to you, that might be worth another $20. Displaying bar charts and summoning 16 years of research, Waldfogel says the best gift givers are those closest to us: parents, spouses, best friends. The worst: Aunts and grandmas (do uncles and grandpas go shopping?), and other extended relatives. The solution for these losers? Go buy the book! My advice: Cold hard cash. As Waldfogel points out, about $8 billion in unused gift cards adds to what he calls this "nightmarish vision" of holiday gift-giving waste.