Gambling Is A Double-Edged Sword That Can Be Both Effective ✓ Solved

Gambling Is A Double Edged Sword That Can Be Both Effe

Gambling is a double-edged sword that can be both effective or disadvantageous to the economy of the market. Using distributive bargaining, I, as a junior congress person, would promote why gambling is needed to exist in a competitive market and discuss the pros and cons of it. In the USA, New Jersey became the first state after Nevada the drive to legalize casino gambling in 1976. In the short term, the development of introducing casino gambling in any state has been greatly beneficial to its economy. Casinos can be taxed with a higher tax margin than traditional businesses to pour the money back into the states.

As another added incentive, lower property taxes can be levied as opposed to the current property taxes on casinos that would help casinos like Caesar’s, MGM, Bellagio, etc., to reduce the price for the trips to stay for the visitors. Casinos increase employment, increase local and intra-state tourism to the state ending in income gains. The average number of workers employed with casinos differed from 51 in South Dakota to 3793 in New Jersey which is a very good number for employment by an organization. Even if the prospect of gambling in casinos cease to exist within the next decade, it would still be beneficial for the state to use this is a development project to help the local tourist and entertainment market to flourish under the short-term gambling market’s profiteering goals.

Cons of having casino gambling over a longer period for the economy will be investing in social costs such as to treat gambling habits for people or getting them de-addicted to gambling. Another negative impact of gambling would be increased debts because of the increased gambling habits of some people. This can be overlooked if we do assume a traditional Confucianism-oriented style of negotiation as seen in China, where a deal to carry out a business, in this case, casino gambling businesses, aims to make as many profits as possible within its tenure and not look at the project as long-term for the state. When the problems start piling up on top of the profits and start outweighing them, the market can then be closed and problems contained.

Paper For Above Instructions

Gambling, as a financial activity involving risking money in pursuit of profit, holds a significant place in modern economies. However, it can be seen as a double-edged sword, presenting both economic benefits and social challenges. In my role as a junior congressperson, I will elucidate the arguments supporting the necessity of gambling within a competitive market while also addressing the associated drawbacks that should not be overlooked.

Historically, the United States has witnessed a significant evolution when it comes to gambling legislation. With New Jersey's legalization of casino operations in 1976, alongside Nevada, a new chapter unfolded that fostered economic revitalization in numerous states. The rise of casinos in various states has resulted in substantial tax revenue, often exceeding what traditional businesses contribute. For instance, states benefit immensely from these higher tax margins, allowing funds to be allocated to public services such as education and infrastructure (Goss & Morse, 2007).

Furthermore, the employment benefits associated with the casino sector cannot be understated. Casinos provide a massive array of job opportunities, leading to increased income for many individuals. Statistics reflect this, indicating significant disparities in employment numbers across different states, ranging from just 51 jobs in South Dakota to as high as 3,793 in New Jersey (Goss & Morse, 2007). These figures are indicative of the potential growth that a single industry can stimulate within a region, further underscoring the argument for legalizing gambling to boost employment rates.

While it is essential to look at the pros of gambling, it is also crucial to analyze the cons that accompany its proliferation in society. The negative implications of gambling include a variety of social costs, prominently the treatment for problem gambling. The rise in gambling behavior can lead to an increase in debts for individuals who may struggle with addiction, causing broader societal issues that ripple through communities (Barthelmess et al., 2018). This financial strain on personal lives can translate into a burden on local economies as more resources may be required to address these social costs.

To contextualize the discourse on gambling through a philosophical lens, I would argue that we must take a Confucian approach to negotiations and the business dealings surrounding gambling. This view emphasizes the importance of focusing on the delicate balance between short-term profits and long-term repercussions. Businesses may strive to make profits during their operational tenure, yet an understanding of the long-term implications — like social costs and community well-being — can inform more sustainable business practices moving forward.

As we analyze the broader economic landscape within which gambling operates, it is essential to consider effective regulatory measures. For example, taxes generated from gambling operations can—if allocated wisely—improve public welfare and infrastructure in the regions where they operate. This can lead to a harmonious balance whereby the economic benefits of gambling can outweigh its social costs. States may also implement programs designed to promote responsible gambling and support individuals grappling with gambling addiction.

In closing, gambling’s dual nature is evidenced by its capacity to deliver economic benefits while simultaneously presenting significant social challenges. Advocacy for its inclusion in a competitive market hinges on a clear understanding of these complexities. By fostering a balanced approach that prioritizes responsible gambling practices and allocates generated revenue to public goods, we can strive for a scenario where gambling acts as a catalyst for economic growth while minimizing associated harms. Promoting education on gambling, investing in addiction treatment programs, and enforcing regulations that protect vulnerable populations will be critical in maintaining this balance.

References

• Goss, E. P., & Morse, E. A. (2007). Governing Fortune: Casino Gambling in America. University of Michigan Press.
• Barthelmess, P. Y., Enzmann, P., Settelen, M., & Schärmeli, N. (2018). Navigating Ambiguity: Distributive and Integrative Negotiation Tactics in China. Central European Business Review, 7(2), 21–43.
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