"Everyone works for love and money and no one has enough of either." Throughout the developed world, the balance between love and money implied by this aphorism is no longer true. Our astounding wealth would be unimaginable to my frugal grandparents, relatively prosperous rural people born in the late 1800s.

This wealth creation creates turmoil and pockets of poverty. Some sectors of wealthy economies face hardship. Agriculture and forestry are important examples. Folks whose retirement depended on the management of Enron or Montana Power suffer greatly.

Generally however, our long-term success in creating wealth diminishes the value of additional wealth. September 11th dramatized this lesson in compelling ways. Now, most of us clearly prefer more love and security to additional purchasing power.

This monetary success creates a problem when contemplating Christmas gifts. We can't buy love or insure security. Although economics is focused on making choices in a context of scarcity, its logic is helpful when confronting the problem of plenty. Here's how.

A few hard line economists still recommend cash gifts. With cash, people can buy what they value most with the amount available. However, unless the recipient is genuinely poor, a cash gift is insensitive at best. Giving cash to an average person in Nigeria or Chad would be beneficial for his annual income is under $1,000, less than $3 per day. Few of us, however, have such folks on our Christmas list.

However, when considering a person who lacks something more money would supply, the key economic principle of "comparative advantage" is helpful. Finding an out of print book, or providing access to a great trout stream are likely examples. The key is to search where you have an advantage.

If you can't find your comparative advantage, then consider the "comparative disadvantages" of the receiver. If the recipient demonstrates incompetence, say me with computers, then this disadvantage can generate a great gift idea. For example, set up your technologically inept parents' home computer with streaming media, or send "Made in Montana" treats to friends in New York. These gifts, easy for one person, can be precious to others.

Economists also recommend taking advantage of knowledge differences. Friedrich A. Hayek notes: "Practically every individual has some advantage over all others because he possesses unique information of which beneficial use might be made". For many well-off people, time to learn or inquire is a scarce resource. You may apply your special knowledge or skill toward obtaining something they like but lack the time or skill to acquire.

Some of the best presents are gifts that others simply are unaware of. Giving someone with similar tastes a book you've read and enjoyed takes advantage of this strategy.

After reading my biannual Christmas column, some people ask me for specific gift suggestions. I'm not a personal shopper working for some upscale store. However, I have a recommendation for a gift that many folks would appreciate. It's small, highly portable, requires no batteries, assembly, or maintenance. It's also durable and inexpensive ($18.20 from Amazon).

The new book, Dogs by behavioral ecologists Ray and Lorna Coppinger is a treasure. Over 50 million American households have working or pet (companion) dogs. However, many others ranging from anthropologists and ecologists to zoologists will appreciate this gift.

While there are thousands of dog books, 2078 are listed on Amazon, these authors are supremely qualified and excellent wordsmiths. They are biological scientists who combine 60 years of world wide research experience. Further, they were serious dog sled racers. Today they are the world's most knowledgeable experts on livestock guard dogs.

Their book examines the evolution of dogs into various breed types, i.e., herding dogs, guard dogs, sled dogs, assistance dogs, and household or pet dogs. The first section examines their wolf ancestry and their evolution to current forms. (I'll bet you are surprised.) The second section looks at the various working breeds and the environmental conditions in which behavior and physical characteristics are formed. The third section explores the relationship of household pets with their owners. The final section explores some of the current controversies over dogs and the problems inherent to the closed gene pools of registered breeds.

The book, although written by scientists, is highly readable and based upon the authors' experiences and anecdotes. It is a great addition to any biologist's bookshelf as well as anyone who appreciates dogs.