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by beagle3 5307 days ago
On the contrary. Taking your analogy further:

In economy, you find out that whenever "Gentleman Jim" bets, he tends to win 70% of the time, rather than the 49% everyone else gets. Now, depending on policy, you either:

a) forbid jim to play b) readjust jim's token-to-money conversion ratio so he is on par with other players c) invest your money with jim

Note, though, that this being a zero sum game, anything other than (a) will bankrupt the house....

2 comments

Nassim Taleb addresses this sort of thinking. He calls it a "ludic fallacy", which is the over application of games to our down detriment. http://en.wikipedia.org/wiki/Ludic_fallacy
In what sense is this a zero sum game?

Sure if economics could be reduced to gambling it is zero-sum but betting in economics is betting on those who will create value(ideally).