"The mind is a compact, multiply connected thought mass with internal connections of the most intimate kind. It grows continuously as new thought masses enter it, and this is the means by which it continues to develop."

Bernhard Riemann On Psychology and Metaphysics ca. 1860

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Wednesday, June 24, 2015

The Economics of Gambling

The self satisfied pragmatist knows what economics is from experience: it's money! So it is that like legendary bank robber who knows where the money is Willie Sutton, the enterprising empiricist sets out to build a casino.

Now what exactly does a casino produce of added value to its host neighborhood? Hmm. Revenue for the decaying and decrepit school system, perhaps? Gotta have dealers who can count the proceeds. So yes, some arithmetic still needs to be drilled into 'em.

Edgar Poe was wont to remind the public in his day that the leading pragmatist cum utilitarian known as Jeremy Bentham, was in fact no better than an academic snake oil salesman. Thus the financiers of gambling casinos cropping up on every other interstate nowadays are nothing more than the low level brethren of the masters of knowing where the real money is: City of London and Wall Street speculators and their hoary financial houses.

And what exactly do these very respectable gentlemen add of value to their host countries?

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