An optimistic view could be that in a future where AI drives most of GDP and UBI covers basic needs, well-regulated betting marketplaces could provide an opportunity for people to get ahead (or at least do something) for example by developing algorithms and AIs that do rigorous backtesting and apply institutional-grade risk management strategies.
The pessimistic view is that these marketplaces are just another cause of wealth inequality, they will always extract more wealth than they generate, and there is no place for them in a balanced, healthy economy.
There was a NY Times article a while back that talked about why Gen Z is so into gambling: they feel the system is so rigged against them that traditional strategies to get safety and security (e.g. get a good job, save, buy a house, etc.) don't work anymore. So they either give up (and focus on short-term consumption) or throw their money at long shots like gambling and crypto, hoping for a jackpot.
> The pessimistic view is that these marketplaces are just another cause of wealth inequality, they will always extract more wealth than they generate, and there is no place for them in a balanced, healthy economy.
That is the truth. They don't generate any wealth, they exist to take a cut on people transferring money unproductively.
Economic Nihilism in Card Games https://mtg.cardsrealm.com/en-us/articles/economic-nihilism-...
No, you don’t. You have a hypothesis.
And since it’s based in social psychology, it’s empirically unfalsifiable, so it can honestly never be a theory at all.
Good day.
No need to be abstract and theoretical about it; it's how the trickle down economy works.
Boomers and GenX are the ones foisting that reality on them; GenZ is pushing the buttons supply side is providing
Stop talking in vague abstractions. We know this is 100% top down driven self selected interpretations of historical documents by the elders in charge of political interpretations