Betting is at the forefront of economic concepts & structures, regardless of how uneasy most individuals in the banking business are about the concept.
Von Hayek agreed that attempting to make finance “scientific” in the recognized meaning was futile. The finance system, like any professional, strives to disguise its “pretense of expertise” in the terminology it employs. This is to keep its consumers from recognizing that it is merely an extension of a betting site.
Playing a Long Game
In addition to the disciplines of banking and betting being eerily similar, however, the technical skills are nearly comparable as well. The same characteristics that distinguish good merchants, including a chilly attitude towards risk, fast decision over stress, concentration, and a well-developed recollection, distinguish exceptional high rollers from the others.
Believers, Counselors, and Tippers
Economics professor Paul Seabright feels that in the new economy, the demand for confidence has grown to the level where people are giving total acquaintances amounts of cash they never would conceive of giving their next-door neighbors.
People do this since “professionals” have amassed reputation, influence, and fortune by “owning” and then distributing information and expertise.
According to Seabright, this promotes reliance and a “pretense of expertise.” As a result, the buyer has complete faith in the professional’s knowledge.