What's the story on ________?

[tw]

Originally Posted by Lamplighter

So, in both of these forms of gambling, there are some uses of the $ which are good, and some not so good; and there is a product or service at the end.

None of that is good if discussing in terms of economics. One banker and a slight tax increase would accomplish same for less labor and more productively. Fact that so many people are employeed doing an unproductive job means, overall, the economy has less jobs.

This concept is extremely difficult for the many educated by sound bytes and open loop concepts. First, economics is a closed loop system. Which means "A results in B" is often a lie. A results in a completely different B when A results in B results in C results in D results in E results in A.


Second, if gambling was not a job destroyer, then we would also increase jobs by removing all computers from telephone switching centers. Replacing those computers with operators. According to popular myths, that also increases jobs.

Replacing computers with people would result in more jobs in a telco. And massive job losses elsewhere thoughout the economy. Any job that is not being done with less people every year means less jobs in the economy - if thinking in terms of a closed loop system.

Same applies to casinos. People doing something that is replaced by a simple tax system means jobs losses overall and in other industries. That reality is wrong only if using soudbyte reasoning. And in thinking in terms of 'open loop' systems.

Third, some actually think casinos are entertainment. Visit a casino. Why are so many people frowning? Why are they not having fun as in TV commercials? Because it is not entertainment. The mathematically ignorant are rationalizing profits from gambling in unproductive activities. Just another reason why gambling is an economic job destroyer.

We want government to run such operations (ie lottery) so that government profits from the scam rather than a mafia type organization.

Jobs, wealth, new markets, increased standards of living, a healthier and better educated public, etc ... none of the items that create a better nation and economy are found in gambling. Gambling is permitted because there will always be adults who are still children - who demand the distraction and harm that comes from such activities. Children actually think they will prosper in a game designed to create losers. This downside of a free society hopes that others might learn and therefore prosper from mistakes and addictions.

[Lamplighter]

None of that is good if discussing in terms of economics.
One banker and a slight tax increase would accomplish same
for less labor and more productively. <snip>

Tell that to the Native American Health Clinics, or at least look
at the history of US or State tax $ going to the Reservations.
Beyond that, I probably agree with you.

My anaology for economics is a water-balloon.
... squeeze it here and it pops out over there.

[glatt]

Sorry. I didn't mean to derail this thread.

O'Malley seemed to be OK otherwise. But that's just based on what filtered across the border in the news.