Among the bizarre questions in the CNBC hosted Republican presidential primary debate last night --
QUINTANILLA: Governor Bush, daily fantasy sports has become a phenomenon in this country, will award billions of dollars in prize money this year. But to play you have to assess your odds, put money at risk, wait for an outcome that’s out of your control. Isn’t that the definition of gambling, and should the Federal Government treat it as such?
From The General Theory of Employment, Interest and Money by John Maynard Keynes --
Or, to change the metaphor slightly, professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole; so that each competitor has to pick, not those faces which he himself finds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all of whom are looking at the problem from the same point of view. It is not a case of choosing those which, to the best of one’s judgment, are really the prettiest, nor even those which average opinion genuinely thinks the prettiest. We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practise the fourth, fifth and higher degrees.
QUINTANILLA: Governor Bush, daily fantasy sports has become a phenomenon in this country, will award billions of dollars in prize money this year. But to play you have to assess your odds, put money at risk, wait for an outcome that’s out of your control. Isn’t that the definition of gambling, and should the Federal Government treat it as such?
From The General Theory of Employment, Interest and Money by John Maynard Keynes --
Or, to change the metaphor slightly, professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole; so that each competitor has to pick, not those faces which he himself finds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all of whom are looking at the problem from the same point of view. It is not a case of choosing those which, to the best of one’s judgment, are really the prettiest, nor even those which average opinion genuinely thinks the prettiest. We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practise the fourth, fifth and higher degrees.
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