The Culture of Gift Giving & Intergenerational Poverty vs. Wealth
The culture of gift giving in the US can bring all sorts of social expectations with it, including the expectations of spending money, as well as the expectation of keeping and/or displaying gifts given by others, even if we don't particularly like, want, need, or even benefit from them in any way.
I explain how when people buy gifts without asking them exactly what they want or need often results in an inefficient outcome for the two people as a whole. People can end up with things they don't even want, and perhaps more frequently, they end up with things that they might want or need, but that aren't an exact or ideal match to their needs or wants. These imperfectly-matched gifts can create an inefficient outcome, placing people in a bind where they now are reluctant to go out and get what they really want, because they already have something borderline-acceptable. I give lots of examples, from small things like clothing to big things like appliances or cars.
I also talk about the expectation for giving expensive gifts, and how this plays out both in families and in the workplace. I share a story about a particularly toxic workplace one of my friends was in, with a strong expectation for giving gifts of progressively escalating prices, even though the employees were themselves not paid high salaries. I also talk about how I have frequently seen people who are in shaky financial situations or even great financial distress, feel pressure to buy others expensive gifts.
I challenge all of us to challenge and break down these social expectations, and in its place, build a culture that is based on giving things to others that we can obtain easily or cheaply, or even for free. I explain how this helps improve the efficiency of society as a whole, and helps to collectively improve the financial status of everyone in the group of people exchanging gifts.