The Effects of Gambling in Finance-The Productivity Paradox by Anastasios Anastasopoulos

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The Effects of Gambling in Finance-The Productivity Paradox

Author : Anastasios Anastasopoulos

Publisher : SSRN

Published : 2018

ISBN-10 :

ISBN-13 :

Number of Pages : 7 Pages

Language : en

Descriptions The Effects of Gambling in Finance-The Productivity Paradox

It is known that the productivity of labour in the US has been decreasing in spite of intensive investment in information technology. The literature sites several views for this paradox. This paper attributes the paradox on the effects of a “zero-sum” activity, namely to the dominance that pure gambling has acquired in the financial sector. In spite its beneficial role, the financial sector has created many negative obstacles to the functioning of our economies. The power that gambling has acquired in its function is a strongly negative obstacle. Gambling benefits from the advancement of the information technology, but does not contribute to the welfare of the public. On the contrary, it benefits a few and preys on not well informed and not sophisticated in financial matters agents, and aggravates the inequality of income.We consider financial gambling to be contrary to the reason the financial sector exists, and to the spirit of the competitive economy. We stress its effects, and we argue that gambling distorts the evaluation of the productivity of real capital, reduces the society's time preference, and thus, prevents the optimum long-run growth of the economy.In the last section of this paper we summarize a suggestion we have made in a SSRN publication. It intends to deal with several problems the financial sector creates. There we have recommended that firms in the this sector should become, in a fair manner, quasi-partners with firms in the private sector that use their services to finance investment the projects they undertake. The main advantage of our proposal is that it induces firms in the real sector to develop more concrete investment strategies, and financial firms to evaluate carefully the plans they accept to finance. When the operation of the financial firms are interconnected (as the removal of the Glass-Steagall Act allows) the proposed quasi-partnership minimizes the risks of domino effects when there are shortages in liquidity. In addition, it reduces the tendencies of investors to gamble, and brings the economy closer to the state the New Classical School wishes: to the state where its sectors are well integrated and they face only irreducible risks.

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Results The Effects of Gambling in Finance-The Productivity Paradox

(PDF) Financial Concerns And Productivity - ResearchGate - Financial problem s affect productivity both directly and. ... A current worry is the escalati ng gambling problem s in. ... King of Prussia, PA: Compass. Information Services, Inc. Brown, R. C

5: Social and Economic Effects | Pathological Gambling: A Critical - The study was able to "cost out" a number of factors associated with pathological gambling. The effects of gambling on employment, consisting of job change costs, unemployment, and productivity loss, were estimated at A$27.8 million annually. 12 The largest component of this estimate was productivity loss, accounting for almost A$20 million

PDF Pennsylvania Department of Drug and Alcohol Programs - Inc. (CCGP) to manage its toll-free Pennsylvania Gambling Helpline800- , 1-Gambler, which includes a 24hour internet chat and text- ing feature. ... Financial. Other. Family. Marital. Mental Health. Job. Legal. Physical Health. Count of Intake Calls. Precipitating Problem(s) (Helpline Data, Intake Calls SFY 2019 -20) 292 (36%) 129

Even low levels of gambling linked to financial hardship, study finds - The chances of financial harm rose with any level of gambling but were "notably stronger" once someone spent 3.6% of monthly outgoings on it, equivalent to £91.37 for the average household

How gambling addiction can lead to financial ruin - The financial effects of gambling Gambling can have a number of negative financial effects. For one, it can lead to debt, as people may end up spending more money than they can afford to lose

Gambling and Financial Stress | SpringerLink - In recent years, gambling harm has been considered a significant public health concern due to its increasing socioeconomic costs. Although the adverse effects of gambling have attracted research interest, evidence of its effect on financial stress remains largely anecdotal. This study empirically examines the link between individual problem gambling severity and financial stress using panel

When gambling might be a problem - Harvard Health - However, for some, gambling can become an addiction. Excessive gambling recognized as an addiction. Gambling disorder is now a part of the American Psychiatric Association's latest version of its diagnostic manual (DSM-5). Gambling is the first "behavioral" addiction included in the substance-related and addictive disorders section of the

How Do Casinos Impact Regional Economies? | Richmond Fed - An argument against casino development is that casino gambling is associated with certain ill societal effects, such as problem gambling and impulsive risk-taking behavior. Problem gambling or compulsive gambling (when individuals gamble to the point where it disrupts their personal and professional lives) is estimated to affect between 0.4

Impacts of gambling in Pennsylvania to be explored - October 7, 2020. By Maggie Ward. ABINGTON, Pa. — Penn State researchers are exploring unknown territory when it comes to gambling in the state of Pennsylvania. Glenn Sterner, assistant professor of criminal justice at Penn State Abington and coordinator of the Greater Philadelphia Office of the Criminal Justice Research Center (CJRC), has

Financial Consequences - Nevada Council on Problem Gambling - Contact Us. 5552 S. Fort Apache Road, Ste 100 Las Vegas, NV 89148 Phone (702) 369-9740. Email: info@ 24-Hour Problem Gamblers Helpline:

Is Gambling a Good Economic Development Bet? | - Gambling is no longer an activity routinely condemned by government officials who wish to impose ethical standards on their communities. In some parts of the country, gambling has been embraced and promoted as a legitimate strategy of economic development. In theory, lotteries, racetracks, casinos, and electronic games can fill government coffers with funds to support worthy government programs

The Effects of Gambling in Finance-The Productivity Paradox - SSRN - We consider financial gambling to be contrary to the reason the financial sector exists, and to the spirit of the competitive economy. We stress its effects, and we argue that gambling distorts the evaluation of the productivity of real capital, reduces the society's time preference, and thus, prevents the optimum long-run growth of the economy

PDF Casino Gambling in America and Its Economic Impacts - Casino gambling has become a major industry in the United States during the past two decades. Prior to the late 1980s,casino gambling was legal only in Nevada and Atlantic City, Today,casino gambling is available in 29 states. As a consequence,annual gam-bling revenue has grown from $9 billion in 1991 to

PDF THE ECONOMY AND PROBLEM GAMBLING - - legalized gambling when making gambling related policy. Use caution when assessing risk and benefit of casinos or other forms of gambling in a community. , D. & Jackson J. (2011) The effect of legalized gambling on state government revenue. Contemp Econ Policy, 29(1):101 -14. ller Institute (2016)

The association between gambling and financial, social and health - Using financial data from 6.5 million individuals, Muggleton et al. find that gambling, at all levels, is associated with financial distress, unemployment, disability and higher mortality, with

Public health effects of gambling - debate on a conceptual model - The effects of gambling can be structuralized using a conceptual model, where impacts are divided into negative and positive; costs and benefits. Costs and benefits are categorized into three classes: financial, labor and health, and well-being. These classes manifest in personal, interpersonal, and societal levels

Symptoms, Causes, and Effects of Gambling Addiction - Excessive gambling can be the cause of psychological symptoms such as depression, anxiety, and suicidal thoughts and tendencies. If the gambler does not seek help, then there is a possibility that he will act on these trends. People often lose hope when they lose everything. These emotional symptoms of anxiety can lead to deprivation of sleep

The Impacts of Problem Gambling - Behavioral Health News - These negative effects can take a toll on one's mental health. Sadly, problem gambling has one of the highest suicide rates among all addictions. When we look at suicide in the United States, 3.9% of the adult population have suicidal ideations and 0.6% attempt suicide each year (CDC, 2015)

The Effects of Gambling in Finance-The Productivity Paradox - The Effects of Gambling in Finance-The Productivity Paradox. January 2018; SSRN Electronic Journal; DOI: 10.2139/ssrn.3170089

- Individual financial problems related to problem or pathological gambling include crime, loss of employment, and bankruptcy. Relatives and friends are often sources of money for gamblers. Employers experience losses in the form of lowered productivity, embezzlement, and time missed from work

The association between gambling and financial, social and - Gambling is associated with higher financial distress and lower financial inclusion and planning, and with negative lifestyle, health, well-being and leisure outcomes

Gambling and Financial Stress | SpringerLink - How does gambling affect the economy?

Impacts of gambling in Pennsylvania to be explored | Penn - “The consequences of problem gambling are largely financial related and often lead people to commit crimes that otherwise wouldn’t be at risk,” Kostelac said. However, Sterner said this research could be preventative. “We’re hoping to be really proactive about these issues,” he said

The Effects of Gambling in Finance-The Productivity Paradox - (PDF) The Effects of Gambling in Finance-The Productivity Paradox The Effects of Gambling in Finance-The Productivity Paradox January 2018 SSRN Electronic Journal DOI:

The Effects of Gambling in Finance-The Productivity Paradox - We consider financial gambling to be contrary to the reason the financial sector exists, and to the spirit of the competitive economy. We stress its effects, and we argue that gambling distorts the evaluation of the productivity of real capital, reduces the society’s time preference, and thus, prevents the optimum long-run growth of the economy

How Do Casinos Impact Regional Economies? | Richmond Fed - In the early 1930s, Nevada became the first state to legalize commercial casinos. It remained the only state with that distinction until New Jersey's 1976 referendum that allowed commercial casinos, limited to Atlantic City. A major wave of casino legalization by states occurred in the late 1980s. The 1987 Supreme Court ruling in California