Casino gambling and economic growth

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  1. 3.
    The casino industry has hired accounting firms to perform “economic analyses” of casino expansion. These studies often speculate on the employment, wage, and tax effects of casino expansion. However, the validity of these studies (e.g., Arthur Andersen 1996, 1997) is questionable. Funded research is discussed in more detail in Chap. 8.Google Scholar
  2. 7.
    Also see Hoover and Giarratani (1984) and Emerson and Lamphear (1975, p. 161).Google Scholar
  3. 9.
    See Marfels (2001).Google Scholar
  4. 12.
    Some economists have examined this effect. For examples, see Hausman (1998), Hausman and Leonard (2002), Lancaster (1990), and Scherer (1979).Google Scholar
  5. 13.
    Fig. 2.2 is from Carbaugh (2004, p. 74).Google Scholar
  6. 15.
    To fully understand the implications of the immiserizing growth theory, one must have an understanding of international trade theory. Carbaugh (2004, p. 73) explains, “The case of immiserizing growth is most likely to occur when (a) the nation’s economic growth is biased toward its export sector; (b) the country is large relative to the world market, so that its export price falls when domestic output expands; (c) the foreign demand for the nation’s export product is highly price-inelastic, which implies a large decrease in price in response to an increase in export supply; and (d) the nation is heavily engaged in international trade, so that the negative effects of the terms-of-trade deterioration more than offset the positive effects of increased production.”Google Scholar

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