I'm not being intentionally obtuse, but I still don't understand your specific objecton(s). As I read it, I think it comes down to "a difference in degree is a difference in kind."
I would argue that you can't really know that your winnings never caused a lay-off, for example. Perhaps you beat Frank, the owner of an RV dealership in Eau Claire, so badly that he had to let one of his salesmen go to keep his company alive.
You can raise all sorts of objections at this point about the personal responsibility of Frank. He shouldn't be gambling with money he can't afford to lose! He should understand all of the rules before he sits down! He should have a firmer grasp of the probabilities! He shouldn't be playing with his heart instead of his head!
And those are all objections that market participants can (I believe in good conscience) make about their activities. So, I'm not sure exactly where your objection lies.
Is finance too important to be left to the market? (Let's ignore, for now, the moral hazard of current government interventions... unless that's your objection.) If not, should the markets be limited to qualified investors who have demonstrated some level of knowledge? Should market participants be required to diversify their holdings? Perhaps only a certain percentage of one's net worth can be in play?
I'm not being intentionally obtuse, but I still don't understand your specific objecton(s). As I read it, I think it comes down to "a difference in degree is a difference in kind."
I would argue that you can't really know that your winnings never caused a lay-off, for example. Perhaps you beat Frank, the owner of an RV dealership in Eau Claire, so badly that he had to let one of his salesmen go to keep his company alive.
You can raise all sorts of objections at this point about the personal responsibility of Frank. He shouldn't be gambling with money he can't afford to lose! He should understand all of the rules before he sits down! He should have a firmer grasp of the probabilities! He shouldn't be playing with his heart instead of his head!
And those are all objections that market participants can (I believe in good conscience) make about their activities. So, I'm not sure exactly where your objection lies.
Is finance too important to be left to the market? (Let's ignore, for now, the moral hazard of current government interventions... unless that's your objection.) If not, should the markets be limited to qualified investors who have demonstrated some level of knowledge? Should market participants be required to diversify their holdings? Perhaps only a certain percentage of one's net worth can be in play?