World Dec 24

Photos: What Santa does on his day off

Father Christmas, Père Noël, St. Nicholas, Babbo Natale, Santa Claus: The jolly old man with a white beard is an unmistakable figure around the United States, but he didn’t always wear a red coat and have a reindeer posse.

Those gifts you opened this morning -- they're worth less to you than the gift-giver paid for them, no doubt. That's the deadweight loss of Christmas for you. But plenty of economists are saying "bah, humbug" to economic rationality and…

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