Tim Harford
Tim Harford’s long-running column in the Financial Times, “The Undercover Economist,” reveals the economic ideas behind everyday experiences. His first book, The Undercover Economist, was published in 30 languages and sold…
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More than 100,000 families – many of them amongst the poorest in Britain – put money aside for Christmas gifts and other seasonal treats in a savings club called Farepak. It wasn’t a bank, and it wasn’t great value for money… and it went bust. Kids went without toys, and festive dinner tables were left bare.
Why would someone put their hard-earned money into such a scheme? And what does it tell us about how we often view Christmas as a time for frenzied spending?
The Host
