What does it mean to be cheap? When is it mature to stow money away and when is it miserly, even Scrooge-like? And how might Americans navigate the economic downturn in an era when everything seems disposable and when credit has felt dangerously unlimited?

In answering these questions, IN CHEAP WE TRUST combines a consideration of cheapness as it relates to personality, lifestyle, and philosophy with a colorful ride through the history of thrift in America, from Ben Franklin and his famous maxims to Hetty Green, the 19th-century millionaire named by Guinness as "the world's most miserly...