Christmas and Consumption

Tags: Production Theory, Value and Exchange

12/25/2007 Mises Wire William Carden

Christmas is a make-or-break time for many retailers, and the holiday season’s importance to the American economy is so great that “Black Friday” sales at some retailers, particularly Wal-Mart, are reported as a macroeconomic indicator. The holiday season is indeed festive and inspiring even in spite of clichéd paeans against the “commercialism” of Christmas. But does the Christmastime “bacchanalia of peace on Earth and goodwill towards men” promote economic growth or not? FULL ARTICLE

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