aramari wrote:
The poor are often known to be foolish with money, it's part of the reason they become poor. People aren't rational optimisers.
Get rid of pokies and people will find other ways to do their dough. Granted, it might be a more aesthetically interesting way, like racing, cards or numbers rackets.
I wonder what the reason is there are so many more "foolish" people around these days compared to say... 1976?
Watch this awesome bit of graphical interpretation of wealth data...
http://www.upworthy.com/9-out-of-10-americans-are-completely-wrong-about-this-mind-blowing-fact-2?g=6There's no doubt that some people end up poor due to bad decisions they've made during their lives but there are that many more living in poverty for systemic reasons it's not funny. When you're born into a country with a wealth distribution curve like that it's not easy to make your way up from the bottom. And don't even think about how you'd do it from a country like Malawi where it's pretty much all bottom.
That video was about the US but our country's on the same path albeit at a slightly slower rate.