3/9/2011: Gambling Isn’t The Solution

This is more Geekonomic and Economic than anything else, but Salon.com has a great look at why gambling isn’t the solution to economic problems.  There’s a lot to digest here, and some good comments.

If you consider it, gambling really does hollow out an economy.  It attracts money but does not generate wealth, innovation, goods, etc.  It also appears to force local economies into a kind of supportive overspecialization.  It’s not something, no matter your opinons on gambling, that’s a cure-all.

I bring this up because it applies to a number of issues:

  • Places trying to boost their economies with gambling may fail short term and long term – and fail spectacularly.  You may want to remember that if gambling is coming to your area.
  • If you’re relocating, you may want to scope out the gambling scene considering how popular it is – if your future town is looking for a quick fix, you may want to  look for a different future town.
  • This is an excellent, excellent reminder that there are businesses that create and generate and those that just take money in.

Steven Savage