America's economy is becoming zero-sum

andsoitis

That's not the title of the article.

k310

> American capitalism was a win-win. We've abandoned it to bet | Opinion > If all of this money went into the capital markets instead, it would finance the growth of companies through innovation and entrepreneurship, as well as infrastructure that girds the economy. It's all about the fortune spent on prediction markets. The NBA just announced deals with them. It's capitalism's ultimate dream: "Self Regulation".

semiquaver

> More than a quarter of Gen Z and millennials surveyed together by Global Strategy Group said they participated in prediction markets, versus 10% of Gen X and just 2% of baby boomers. This statement borders on lying. At the least it’s extremely misleading framing not supported by their own link. The 25% of “prediction market” users are entirely doing sports gambling. Two different things that the gambling market desperately wants everyone to confuse. BS article, do not read.

lxgr

> If all of this money went into the capital markets instead [...] Money is neither created nor destroyed in prediction markets. (In most cases, the collateral goes into boring money market fund like fixed-income products, as far as I understand.) The real concern here is that, for many people, paid employment simply doesn't look like a viable way to earn a living anymore, so they feel the need to play high-risk, high-reward games in the first place. Capital markets are a great way to preserve and modestly grow one's wealth. If there's no reasonable perspective of any wealth in the first place, is it any wonder that people are looking beyond? In other words: If your job is at most paying half of what you need to lead the life you want to live (and that, in many cases, your parents have been able to afford working the same job just fine), suddenly betting on a game that pays double or nothing doesn't seem so irrational anymore.

kicksent

This is just another justification piece to blame millenials and gen z for the economy. How about some real journalism about how propping up the economy through money printing has destroyed opportunity for the current working generation which has led them to these types of behaviors?

RussianBot9580

Becoming? Any economy is zero sum by definition. There are only so many people in the world, and they can only produce and consume so much. Growth in terms of game tokens that are designed to be inflationary isn't growth, it's just the way the game directs its next round.