The Economics of Festivus

In a season 9 episode of Seinfeld, George's father Frank resurrects a holiday from George's childhood called Festivus. Among other traditions, Festivus refuses to participate in the commercialization common in other gift-giving holidays this time of year. Although gift-giving generates important revenue to retailers, value can be lost from the imperfect information a gift giver has about its recipient. Could we all learn something from Festivus? Is it really "the thought that counts?" Find out how an economist might find Frank Costanza's sentiment beneficial to society.