Quote from: Betwrong on October 20, 2019, 05:41:27 PM

Quote from: deisik on October 17, 2019, 11:46:15 AM

Quote from: Betwrong on October 17, 2019, 07:28:34 AM

~

Was it Mark Twain who said that there are three kinds of lies?

Namely, lies, damned lies, and statistics. And since the intensity seems to be rising from left to right, we must assume that statistics are the most insidious and treacherous form of lies, even more damned than the most damned of all lies.~

Mark Twain was living in 19th century. Stats back then and today are two different things. Newsmen in 19th century often presented their lies as statistics because there was no way to check the facts. If, living in the 21st century, someone doesn't believe in statistics, he/she is pretty close to flat-Earthers, imo. It's a dangerous way to live, if you ask me

Was that actually intended as a piece of irony or sarcasm?

Or do you really believe that today's newsmen are less immoral that their colleagues from the 19th century? The problem is not with stats as such but how you interpret them. In this particular case, when you see that 40M people visited casinos, you come to think that these are all different people. But we don't know that for sure, and thus can misinterpret these stats in every possible way. That was Mark Twain's point as I see it, that the same stats can be explained and understood in quite polar ways

Quote from: Betwrong on October 20, 2019, 05:41:27 PM

Quote from: deisik on October 17, 2019, 11:46:15 AM

Quote from: Betwrong on October 17, 2019, 07:28:34 AM

The vast majority of Las Vegas visitors are middle-class customers, and although some of them still can be well educated, most of them are definitely not

In fact, I heard that narrative many years ago, that the majority of money comes from simple folks. But that must be an urban legend, myth, or something to that effect

C'mon! You are an economist, and you don't know that the majority of money comes from simple folks? I just can't believe that! I've been admiring your posts here since 2015. It's unbelievable what people can say in attempts of winning an argument

Actually, a wealth distribution chart typically reveals a completely different picture

Quote from: Betwrong on October 20, 2019, 05:41:27 PM

Of course I know that questioning my own opinion is always healthy. So, if you have some reliable sources telling that the majority of the visitors of Las Vegas-style casinos are very rich people, or "crème de la crème", as you put it, I'd love to see them

What do they say, seeing is believing? Have you been to Vegas?