Is Placing a Wager in a Casino an ‘Investment’?
Producing quality goods that aren’t addictive or obsoleted in a few years–there’s no money in that, fool. Get real. You want to get rich, “invest” in a bet in the casino.
Is placing a bet in a casino an “investment”? Absolutely! An “investment” is now defined as a wager, often leveraged, at a gaming table in the casino. Anything that offers a gain is an “investment.”
This is of course at odds with the classic understanding of “investing in new productive assets” that is core to classical capitalism in which the open market for goods, services, labor, risk and capital allocates capital to the highest and best use, i.e. the most profitable use, via the maximization of self-interest by all participants.
Once upon a time, increasing pro
Article from LewRockwell
LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
