By Douglas M. Walker
Casino playing has unfold through the global, and keeps to unfold. As governments try and do something about financial pressures, legalized casinos supply a potential resource of extra tax profit. yet on line casino playing is usually debatable, as a few humans have ethical objections to playing. furthermore, a small percent of the inhabitants could turn into pathological gamblers who may well create major social expenses. at the merits aspect, casinos are usually speculated to spur monetary development (increases in GDP), employment, and tax sales. although, those advantages were wondered. Does on line casino enlargement easily "cannibalize" different industries, having no internet impression? Or does on line casino playing have major confident monetary affects? The Economics of on line casino playing is a complete dialogue of the social and financial expenses and advantages of legalized playing. it's the simply finished dialogue of those concerns on hand at the market.
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Extra info for The Economics of Casino Gambling
Example text
1). The factory-restaurant argument begs the question: Was society harmed when the horse-drawn buggy industry was cannibalized by the automobile industry or when DVDs replaced VHS tapes? With countless other examples, we could show that it is often in society’s interest for particular industries to decline. This is what Schumpeter (1950, Chap. 4 The export base theory of growth Much of the doubt about legalized gambling fostering economic growth is based on the idea that a good or service must be “exported” for it to be beneficial to the regional economy.
Failure to reject the null means there is no evidence of a causal relationship in this direction. For Eq. 9), we test H0: O1=O2=…=O7=0. Analogous to the case above, rejection of the null implies economic growth Granger causes casino gambling. Failure to reject would imply increased per capita income does not cause increases in casino revenues. 1 indicate that casino revenue Granger causes economic growth (significant at the 1% level) and not conversely. 1. 898 Several points concerning these results are worthy of note.
8 Also see Grinols (1995b, pp. 7–9; 2004, Chap. 4). 24 3 Misconceptions about casinos and growth x But only new spending associated with a gambling venture, like spending by tourists who come into a region to gamble or new jobs, actually brings new money into the local economy. ] But when local people substitute spending on gambling for their other expenditures, this induced impact has a negative multiplier effect of decreasing spending on other forms of recreation and businesses in the area. (Goodman 1994a, p.