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The neoclassicist thus endorses the Scrooge hypothesis: the best gift is no gift.The neoclassical elimination of Christmas gift exchange, or even the containment of Christmas largesse, would be disastrous during recessionary periods.Indeed, Keynesians might go so far as to argue that it is the government's job to encourage gift exchanges (as long as the gifts are purchased, rather than handcrafted or home produced), and even to subsidize gift giving by reducing sales taxes during the holiday season. But Keynesians also stress the importance of reining in the government deficit, as well as overall consumption, when the economy is booming. To that end, they might recommend a special gift or sales tax during the festive season once growth has recovered, or even canceling Christmas when the pace of GDP growth exceeds that consistent with full employment.Obviously, none of these theories can possibly account for why people participate, year in and year out, in the ritual of holiday gift giving.
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