Gambling and Speculation: A Theory, a History, and a Future of some Human Decisions [Hardcover]

Reuven Brenner (Author), Gabrielle A. Brenner (Contributor)

Book Description

ISBN-10: 0521381800 | ISBN-13: 978-0521381802 | Publication Date: March 30, 1990

Gambling and Speculation takes the long, historic perspective of its controversial subject. The book offers not only a better understanding of the recent "gambling craze," but also a fundamental inquiry into human nature and the structure of societies. The Brenners argue that the negative image of gamblers and of speculators stems from prejudice, whose roots are in the distant, forgotten past. Legal scholars have frequently confused gambling with speculation and the anti-gambling laws were, at times, erroneously interpreted as implying the prohibitions of contracts in futures and insurance markets. One consequence of all this confusion was that during this century both in the United States and England, the legislation and law on betting and gambling became ambiguous. The authors touch on this issue and make policy recommendations: to abolish restrictions on the industry, diminish the states' role in selling lotteries, and, at the same time, make legal distinctions capable of helping the tiny percentage of players who might be "addicted." The Brenners' recommendations on gambling are based on their conclusion that gamblers are neither "mentally ill" nor "criminals" and that gambling does not lead its practitioners to poverty. Rather, it is the other way around: some of the poor and the frustrated gamble. Looking at gambling in this way leads to questions about the nature of society: What do the fortunate do for those who are not? What is society's obligation to people who fall behind in the game of life? Answers to these questions require a discussion on the principles of equality, capitalism, the role of religious influence on society, topics that the Brenners have discussed in their previous studies, and they do so here too, putting gambling within its proper, historical context.

Editorial Reviews

Review

"Gambling and Speculation presents an intelligent advocacy position in favor of the legalization of gambling. It pulls together information that is fascinating from both an historic perspective and a traditional economic perspective. The book is a significant contribution to the growing body of serious literature dealing with the phenomenon of gambling." William R Eadington, University of Nevada, Reno; Director, Institute for the Study of Gambling and Commercial Gaming

"Brenner is one of the freshest writers I have read in economics, willing to introduce himself into his prose and express (sometimes outrageous) opinions. I like to read him." Richard C. Rockwell, Social Science Research Council

"This is a novel defense of an unfamiliar proposition, advocating the legalization of gambling. The argument of the book is easy to follow and, as usual with Brenner, he is provocative and interesting. His historical remarks bring forth much that I did not know, and , needless to say, the theme of gambling and its appropriate social role is significant and topical." William H. McNeill, University of Chicago

"...a very provocative discussion which should prove enlightening to all readers. Given the current debate over lotteries in many states, this work is recommended reading for policy makers and lay readers who desire more background on this timely topic." Roger Tutterow, Southern Economic Journal

Book Description

Gambling and Speculation takes the long, historic perspective of its controversial subject. The book offers not only a better understanding of the recent "gambling craze," but also a fundamental inquiry into human nature and the structure of societies.

Product Details

• Hardcover: 298 pages
• Publisher: Cambridge University Press (March 30, 1990)
• Language: English
• ISBN-10: 0521381800
• ISBN-13: 978-0521381802
• Product Dimensions: 9.1 x 6.2 x 1.1 inches
• Shipping Weight: 1.3 pounds
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #2,210,671 in Books (See Top 100 in Books)

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5 of 6 people found the following review helpful:

5.0 out of 5 stars The most important impartial history of gambling, July 27, 2006

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Aaron C. Brown (New York, New York United States) - See all my reviews
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This review is from: Gambling and Speculation: A Theory, a History, and a Future of some Human Decisions (Hardcover)

It's hard to learn about gambling because different ideological camps define the subject differently and therefore talk past each other. People with moral objections to gambling usually ignore risk-taking in business and life, economists tend to focus on the probability and utility theory underlying a single bet rather than the broader social and economic context, and pro-gambling works often ignore basic mathematical and economic theory. This book is a rare exception in that it covers all kinds of risk taking without prejudice, and it is grounded in solid history and theory. This book defines the context in which gambling should be discussed, and presents a powerful opening statement.