Moral panic around gambling in Australia.
Left out of these discussions, whether of gambling, tobacco, alcohol, drugs, or prostitution, is always the benefit side of the cost-benefit calculation. Doing so is fairly straightforward within the framework of traditional consumer theory, but becomes very complicated indeed if you wander down the tangled pathways of behavioral economics.
Plus, I actually thought that gambling was more like five percent of Australian GDP rather than just 1.2 percent.
Who was my favorite student this term?
5 months ago