My friend even admits that he loses a lot of money at the casino, but today he goes less and less and he now realizes he really can't afford to just piss money away.
I got to thinking the other day, which is always dangerous.
Economics has always been considered a "dark art" and not long ago many thought that the foundation of any economy was in farming and food production. Meeting our basic needs of food, clothing and shelter are really all that is essential to staying alive.
And quite frankly, we probably could shiver naked in the rain so long as we were well-fed.
But of course, very early in our human history (and animal history before that, if there is such a thing) - or more precisely, pre-history - some clever caveman figured out that farming and hunting was fine and all, but it would be a lot simpler to simply kill your neighbor and then take all the things he has worked so hard to acquire.
So self-defense (and the need to form tribes, villages, governments, and armies) quickly became a "necessity" of life.
So I suppose that you could say that food, clothing, and shelter - along with defense - are the core of any economy as these activities help preserve human life and civilization. Sure we need trucks and tractors and ships and whatnot to transport our food and so forth.Communications equipment is needed to manage it all.But how do things like movies and television - or twitter or casinos fit in?Are these things that are little more than make-work in our economy?In response to a previous posting about casinos and lottery tickets I received an e-mail from an economist who posited that there is "entertainment value" in lottery tickets as the purchaser finds some amusement in them worth a dollar.And I suppose this is so, although the amusement level is worth about what you pay for it.