Summary
In this article it talks about how the monopoly of gambling is illegal and immoral. It states the the consequences that's associated with underground gambling and the unwanted crime it comes with. The article also makes the comparision of illegal gambling and legal gambling. Legal gambling, such as most casinos can be considered to be controlled by the government and localized as a gaming revenue. Illegal gambling can be said to be the underground world of buisness, where people bet a large ransom of money to the likely outcome of events such as, basket ball games, football games, and other gaming venues.
Connection
In the chapter, it talks about how monopoly as an extreme opposite of perfect competition. It describes it as only one firm , which means that it has control over the prices of the products. The Government on one hand, are mostly involved in monoplies.Their agencies control prices of normal commodities people use such as telephone, natural gas, and cable television companies. Although there is only one firm in a monopoly, there are still various amounts of competition. Some gambling buisness being an illegal competition raises problems to the government because people wouldn't report their winnings to the government and be able to run their own underground buisness without notifying any government authority.
Reflection
I agree that illegal gambling is a crime, and should be dealth with more caution in our society. There are consequences for the individual and for the economy as well . Legalized gambling alone slows down business because it diverts money that could have been spent on the capital economy into gambling, which doesn't stimulate the economy overall. Second gambling can become addictive to some people, since they can come dependent on gambling money as their regular source of income and wouldn't be able to do their regular jobs as a result. Illegalized gambling will be more of a lose to the government, since they are unaware of how much money is being made from criminals, which reduces money flow throughout the economy.
1 comment:
I also agree with you that measures should be taken to stop illegal gambling. Although the money does still go into circulation of the market when the winners of the gambling matches use the money for food, cars among other things. The government would really profit from ending of the illegal gamblers and the gamblers might get regular jobs for their income but i doudt that is going to happen since they are used to collecting money in large sums that the regular jobs offers wiht longer hours and no entertainment.
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