The Deadweight Loss of the Magi

Last year, Sarah Skwire and Amy Willis got together to discuss two famous Christmas stories by Charles Dickens. This year, they did some thinking about the equally classic Christmas story, "The Gift of the Magi," by O. Henry. It's a story almost no one graduates high school without reading, and for good reason. Its clear language, warm heart, and thoughtful message are perennial. They're also economically interesting

Listen in as Sarah and Amy outline the classic economic arguments about gift giving, explore alternatives, and spend a little time thinking about what makes us human, how to show people we love them, and why clay ashtrays just might be a good argument for the labor theory of value.Watch on YouTube