astronomy

Scroogenomics

Scroogenomics is a astronomy topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand Scroogenomics rather than just read about it. In short: Scroogenomics is a non-fiction book written by the economist Joel Waldfogel. Overview In his book Waldfogel argues that purchasing gifts for other people is a "terrible way to allocate resources" as a result of gift givers' lack of knowledge of the recipients' true preferences.

Key takeaways

Scroogenomics belongs to astronomy; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect Scroogenomics to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of Scroogenomics from memory before moving on to harder problems.

Reference excerpt

Scroogenomics is a non-fiction book written by the economist Joel Waldfogel.

Overview In his book Waldfogel argues that purchasing gifts for other people is a "terrible way to allocate resources" as a result of gift givers' lack of knowledge of the recipients' true preferences. Waldfogel estimates that approximately $12 billion a year in the U.S. and $25 billion a year worldwide is misallocated in Yuletide giftgiving, which he calls "an orgy of wealth destruction".

See also The Tyranny of the Market – also written by Waldfogel

References

External links Cowie, Ian – "Scroogenomics: three in four say they will not buy Christmas presents this year" The Telegraph. 11 Dec 2012 Langer, Ellen – "Scroogenomics: Are the Grinches Wrong?" The Huffington Post. 28 Dec 2009 Muir, David – "Scroogenomics: Your Loved Ones May Not Love Their Christmas Gifts" ABC News. 12 Dec 2009 Sachs, Andrea – "Why We Shouldn't Give Christmas Gifts" Time Magazine. 12 Nov 2009 Will, George – "George F. Will on the disaster of Christmas giving" The Washington Post. 26 Nov 2009 Will, George (November 26, 2009). "Scroogenomics". RealClearPolitics. RealClear Holdings.

Worked examples

Example 1 — a first encounter with Scroogenomics

Start with the simplest possible case. Write down what Scroogenomics claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In astronomy, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to Scroogenomics before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about Scroogenomics ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of Scroogenomics

In research: Scroogenomics appears in astronomy research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses Scroogenomics in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: Scroogenomics is common in secondary-school and first-year university syllabi. It links to neighbouring topics Economics and finance book stubs, Economics books, Princeton University Press books, so understanding it makes those chapters shorter.
In everyday life: Look for Scroogenomics outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

Affiliate

Preply — study more efficiently by working with a personal tutor. 50% off.

How to study Scroogenomics in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what Scroogenomics means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain Scroogenomics out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is Scroogenomics in simple terms?

Scroogenomics is a non-fiction book written by the economist Joel Waldfogel. Overview In his book Waldfogel argues that purchasing gifts for other people is a "terrible way to allocate resources" as a result of gift givers' lack of knowledge of the recipients' true preferences.

Why does Scroogenomics matter?

Because it connects several astronomy ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study Scroogenomics?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on Scroogenomics.