New Goods and Economic Growth: Evidence from Legalized Gambling

Abstract

We address two questions: (1) Does legalized gambling spur economic growth? and, if so, (2) Does economic growth depend on “exports?” After developing a method of applying Granger causality to panel data, we analyze the casino gambling and greyhound racing industries. Empirical results suggest the answer to (1) is “yes.” Both industries Granger cause economic growth. Because of the industry-wide results, the alleged “factory-restaurant dichotomy’’ for casino gambling does not appear to be valid. Based on the disparate thresholds and ranges of the industries and the consistent causal results (both industries Granger cause per capita income) the answer to question (2) appears to be”no.”

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