20% of this down the drain...Some people scorn those who hate gift giving. Another group resents those who expect a gift. And then there’s Joel Waldfogel, an economist who has dedicated his life to the study of gifts. His research asserts we are all incompetent gift givers.

Waldfogel explains, ‘œOn average, a dollar that people spend for themselves creates nearly 20 percent more satisfaction than a dollar that someone else spends on them. Put another’”depressing’”way, gift-giving effectively discards 20 percent of the gift’s price. So, of the nearly $100 billion spent on holiday gifts each year, one-fifth is effectively flushed down the toilet.’

So we waste money on holiday gifts’¦ no surprise or argument there! But are we any better at giving birthday, wedding, anniversary, [insert special occasion] gifts? You tell me.

From my perspective, I want to cling to this idea we are wholly incapable of giving a gift that will be truly appreciated by the receiver unless it was 1) specifically requested, as well as a surprise, or 2) handmade.

If I could be emperor of the world for a day, I’d abolish any form of gift giving that involves the purchase of a gift. Here’s why, based on personal experience and observation:

1. Surely there must have been one occasion in which you or your gift receiver wondered, ‘œWhy the hell did he/she get me this?’

2. Even the most grateful person on the planet must have felt some bit of disappointment when not getting a gift from a family member or long-time friend. [This of course excludes periods of financial stress for the gift giver- though sometimes this is not even acknowledged.]

3. You know there’s been at least one time in your life when you or your gift receiver thought, ‘œHmm’¦ I spent more money on their gift.’

I’m probably leaving out numerous other points that make gift giving such a minefield. But perhaps I’m being too harsh. Do you think non-holiday gifts are better appreciated than holiday gifts?